Debrun, Xavier; Hauner, David; Kumar, Manmohan S. - In: Journal of Economic Surveys 23 (2009) 1, pp. 44-81
There has been a considerable literature regarding the incentives of policymakers as a prime reason for persistent fiscal deficits and a variety of fiscal rules have been proposed as a remedy. However, the often inadequate flexibility of rules and the success of policy delegation in the monetary...