The recent financial crisis starting in 2007–2009 is the longest and the deepest recession
since the Great Depression of 1930. The crisis that originated in the US subprime mortgage …

Public policies are the outcomes of complex intertemporal exchanges among politicians.
The political institutions of a country constitute the framework within which these transactions …

This paper empirically examines how fiscal rules and tax autonomy influence deficits of sub-
national sectors across European countries. I use a new panel-data set to measure tax …

Improved urban infrastructure is widely believed to be essential in facilitating economic
growth and in improving the lives of urban dwellers, both in developed and in develo** …

This paper develops a dynamic infinite-horizon model with two layers of governments to
study theoretically and quantitatively how fiscal decentralization affects local and central …

The workings of fiscal federalism are an important concern in Latin American policy circles.
Many discussions center on the tension between the proclaimed virtues of decentralization …

We study the effect of decentralization on corruption in a political agency model from the
perspective of a region. In a model where corruption opportunities are lower under …

The desirability of fiscal constraints in monetary unions depends critically on whether the
monetary authority can commit to following its policies. If it can commit, then debt constraints …

How do fiscal institutions shape the ability of presidents and state governors in a federation
to manipulate federal money with coalition building goals? This article proposes a two-level …

Most empirical evidence indicates voters penalize deficits and spending growth. Contrary to
this dominant finding, a few recent studies conclude that voters reward public spending. We …