gain credibility by undertaking fiscal adjustments in ways not favored by its natural constituency: specifically, the left … cabinet ideology-fiscal action in a way that is consistent with our credibility hypothesis: cuts in spending by the left have …

of f iscal policy? In this paper, we develop indicators of f iscal credibility that quantify the degree to which policy … good policy track record, contribute to magnifying this effect, thereby improving fiscal credibility. Conversely, empirical … analysis suggests that markets reward credibility with more favorable sovereign financing conditions …

credibility play an important role not only in monetary policy, but also in fiscal policy. …

rule. Lagged implementation characterizes the setup of the German debt brake and raises credibility issues. In a second … step, we analyze a unique survey of members of all 16 German state parliaments and show that the debt brake’s credibility …

credibility play an important role not only in monetary policy, but also in fiscal policy. …