Slow moving demographics are aging populations around the world and pushing many countries into an extended period of heightened fiscal stress. In some countries, taxes alone cannot or likely will not fully fund projected pension and health care ex- penditures. If economic agents place...

General equilibrium models that include policy rules for government spending, lump-sum transfers, and distortionary taxation on labor and capital income and on consumption expenditures are fit to US data under rich specifications of fiscal policy rules to obtain several results. First, the...

This paper draws on a lecture on 12 November 2008 in Wellington, when the author was a Professorial Fellow in Monetary and Financial Economics at Victoria University and the Reserve Bank of New Zealand.Leeper argues that there are remarkable parallels between how monetary and fiscal policies...