Baleiras, Rui Nuno; Santos, Vasco - In: Journal of Public Economic Theory 5 (2003) 1, pp. 121-133
Baleiras and Santos (2000) show that "stop-and-go" policies may be inherent in the institutional set-up rather than result from the wrong timing of expansionary vs. contractionary policies or any form of players' irrationality. We use this set-up, involving ultrarational players and perfect...