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Fiscal Rules and Discretion in a World Economy
Halac, Marina - 2015
uncoordinated rules. If governments' present bias is small, coordinated rules are tighter than uncoordinated rules: individual … countries do not internalize the redistributive effect of interest rates. However, if the bias is large, coordinated rules are …
Persistent link: https://www.econbiz.de/10012457176
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Fiscal Rules and Discretion under Persistent Shocks
Halac, Marina - 2012
government has time-inconsistent preferences with a present-bias towards public spending. The government chooses a fiscal rule to …
Persistent link: https://www.econbiz.de/10012460115
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Fiscal Rules and Discretion under Limited Enforcement
Halac, Marina - 2019
We study a fiscal policy model in which the government is present-biased towards public spending. Society chooses a fiscal rule to trade off the benefit of committing the government to not overspend against the benefit of granting it flexibility to react to privately observed shocks to the value...
Persistent link: https://www.econbiz.de/10012479419
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Fiscal Rules and Discretion under Self-Enforcement
Halac, Marina - 2017
We study a fiscal policy model in which the government is present-biased towards public spending. Society chooses a fiscal rule to trade off the benefit of committing the government to not overspend against the benefit of granting it flexibility to react to privately observed shocks to the value...
Persistent link: https://www.econbiz.de/10012453795