This paper critically reviews the literature which explains why and under which circumstances governments accumulate more debt than it would be consistent with optimal fiscal policy. We also discuss numerical rules or institutional designs which might lead to a moderation of these distortions

This paper critically reviews the literature which explains why and under which circumstances governments accumulate more debt than it would be consistent with optimal fiscal policy. We also discuss numerical rules or institutional designs which might lead to a moderation of these distortions

Main description: Der vorliegende Band vereint ausgewählte wirtschaftswissenschaftliche Publikationen von Wolfgang Schmitz aus vier Jahrzehnten. -- Motiviert wurden die wirtschaftsethischen Arbeiten insbesondere durch seine schon früh einsetzende wirtschaftspolitische Tätigkeit. 1950 trat er...