government has time-inconsistent preferences with a present-bias towards public spending. The government chooses a fiscal rule to …

government has time-inconsistent preferences with a present-bias towards public spending. The government chooses a fiscal rule to …

uncoordinated rules. If governments' present bias is small, coordinated rules are tighter than uncoordinated rules: individual … countries do not internalize the redistributive effect of interest rates. However, if the bias is large, coordinated rules are …

uncoordinated rules. If governments' present bias is small, coordinated rules are tighter than uncoordinated rules: individual … countries do not internalize the redistributive effect of interest rates. However, if the bias is large, coordinated rules are …

overweights increases in taste-adjusted prices, leading to what we term a “taste-shock bias.” We show that this bias generalizes …