develop both theory and prescription in agency settings. Particular problems are displayed almost like games (e.g., the "Major …

Keynes' General Theory (1936) is arguably one of the most important books of the twentieth century. His ideas for … stabilizing the aggregate economy have profoundly influenced economic theory as well as popular opinion about what governments can … and should do with respect to the business cycle. On the other hand, whether Keynesian theory has substantially altered …

This paper proposes a dynamic politico-economic theory of debt, government finance and expenditure. Agents have … consumption, the less debt is accumulates. We extend the analysis to redistributive policies and political shocks. The theory …

analysis shows that political fragmentation plays a significant role in explaining government's decision to privatize …

, the theory's main insight being that the central government's electoral strength should, all else being equal, decrease … government electoral strength and both expenditure and revenue centralization emerges as negative and non-linear. -- fiscal …