incentive constraints on the policy making process, such as lack of credibility, political opportunism, political ideology, and …: it covers credibility issues, political business cycles, and optimal design of monetary institutions. Part II deals with … fiscal policy in a dynamic general equilibrium set up: the main topics here are credibility of tax policy, and political …

This paper examines the effects of expenditure-based fiscal consolidation when credibility as to whether the cuts will … be long-lasting is imperfect. We contrast the impact limited credibility has when the consolidating country has the means … case of an independent monetary policy, the adverse impact of limited credibility is relatively small, and consolidation …

This paper examines the effects of expenditure-based fiscal consolidation when credibility as to whether the cuts will … be long-lasting is imperfect. We contrast the impact limited credibility has when the consolidating country has the means … case of an independent monetary policy, the adverse impact of limited credibility is relatively small, and consolidation …