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来源类型Working Paper
规范类型报告
DOI10.3386/w23919
来源IDWorking 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
URLhttps://www.nber.org/papers/w23919
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/581592
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Marina Halac,Pierre Yared. Fiscal Rules and Discretion under Self-Enforcement. 2017.
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