Who prevails when fiscal and monetary authorities disagree about the value of public expenditure and how much to discount the future? When the fiscal authority sets debt as its main policy instrument it achieves fiscal dominance, rendering the preferences of the central bank, and thus its...

Taking cue from the honoree's lifelong interest in constitutional issues, interdisciplinary research, and intergenerational equity, this chapter presents and assesses the case for constitutional precommitments as means to correct the short-termist bias of democracy. It discusses two different...