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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w23919 |
来源ID | Working Paper 23919 |
Fiscal Rules and Discretion under Self-Enforcement | |
Marina Halac; Pierre Yared | |
发表日期 | 2017-10-09 |
出版年 | 2017 |
语种 | 英语 |
摘要 | We study a fiscal policy model in which the government is present-biased towards public spending. Society chooses a fiscal rule to trade off the benefit of committing the government to not overspend against the benefit of granting it flexibility to react to privately observed shocks to the value of spending. Unlike prior work, we characterize rules that are self-enforcing: the government must prefer to comply with the rule rather than face the punishment that follows a breach, where any such punishment must also be self-enforcing. We show that the optimal rule is a maximally enforced deficit limit, which, if violated, leads to the worst punishment for the government. We provide a necessary and sufficient condition for the government to violate the deficit limit following sufficiently high shocks. Punishment takes the form of a maximally enforced surplus limit that incentivizes overspending; fiscal discipline is restored when the government respects it. |
主题 | Microeconomics ; Game Theory ; Economics of Information ; Macroeconomics ; Fiscal Policy ; Public Economics ; Other ; Economic Systems |
URL | https://www.nber.org/papers/w23919 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581592 |
推荐引用方式 GB/T 7714 | Marina Halac,Pierre Yared. Fiscal Rules and Discretion under Self-Enforcement. 2017. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w23919.pdf(883KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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