Purpose: The New Zealand Government has progressively strengthened its balance sheet position since the mid-1990s, other than for the four years immediately following the global financial crisis and the Canterbury earthquakes. This paper describes the nature and the forecast and actual fiscal...

I study the provision of information as an incentive instrument in a continuous-time sender-receiver model. The sender observes a persistent, evolving state and sends signals over time to the receiver, who sequentially chooses public actions which affect the welfare of both players. I solve for...

We introduce a model of probabilistic verification in a mechanism design setting. The principal verifies the agent's claims with statistical tests. The agent's probability of passing each test depends on his type. In our framework, the revelation principle holds. We characterize whether each...

We introduce experimental persuasion between Sender and Receiver. Sender chooses an experiment to perform from a feasible set of experiments. Receiver observes the realization of this experiment and chooses an action. We characterize optimal persuasion in this baseline regime and in an...

We introduce experimental persuasion between Sender and Receiver. Sender chooses an experiment to perform from a feasible set of experiments. Receiver observes the realization of this experiment and chooses an action. We characterize optimal persuasion in this baseline regime and in an...

As the current sovereign debt crisis engulfing Europe broadens and threatens to bring down more governments and lead the world into another, potentially very serious, economic slowdown, minimal commentary and public debate has focused on a fundamental problem, and the need to address it. That...

The paper highlights two incentive regimes which have been used by governments to improve their financial management systems: the capital charge regime to improve asset management and the interest rate regime to improve cash management...

Le document explique deux systèmes d’incitation auxquels les gouvernements néo-zélandais successifs ont eu recours pour améliorer leurs principes de gestion financière : le système du prélèvement de frais financiers destiné à améliorer la gestion des actifs et le système du...