The Political Economy of Fiscal Policy
We describe a theory of the collective choice of fiscal policy in dynamic economies that are subject to aggregate shocks. The theory incorporates realistically complex policy spaces, rational forward-looking agents, and a rich political decision process. We argue that it provides a tractable framework to study a variety of important questions in macroeconomics and public finance. (JEL: E62, H63, D79) (c) 2008 by the European Economic Association.
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Volume (Year): 6 (2008)
Issue (Month): 2-3 (04-05)
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