This paper studies fiscal foresight -- alterations of current behavior by forward-looking agents in anticipation of future policy changes – using variation in state job creation tax credits (JCTCs). Nearly half of the U.S. states enacted JCTCs between 1990 and 2007, and their unique...

This paper studies fiscal foresight – alterations of current behavior by forwardlooking agents in anticipation of future policy changes – using variation in state job creation tax credits (JCTCs).Nearly half of the U.S. states enacted JCTCs between 1990 and 2007, and their unique experiences...

When the financial positions of pension funds worsen, regulations prescribe that pension funds reduce the gap between their assets (invested contributions) and their liabilities (accumulated pension promises). This paper quantifies the business cycle effects and distributional implications of...