We develop the theory of price-level determination in a range of models using both ad hoc
policy rules and jointly optimal monetary and fiscal policies and discuss empirical issues that …

We obtain a recursive formulation for a general class of optimization problems with forward‐
looking constraints which often arise in economic dynamic models, for example, in …

In an economy studied by Lucas and Stokey, tax rates inherit the serial correlation structure
of government expenditures, belying Barro's earlier result that taxes should be a random …

During the last three decades government debt has increased in most developed countries.
During the same period we have also observed a significant liberalization of international …

Fiscal watchdogs, so-called fiscal councils, have been proposed as a method to counter
deficit bias of fiscal policy. The paper analyses theoretically what role fiscal councils could …

How should the tax rate and the level of public debt adjust to an adverse fiscal shock? What
is the optimal maturity structure of public debt? If the maturity structure is carefully chosen …

We obtain a recursive formulation for a general class of contracting problems involving
incentive constraints. These constraints make the corresponding maximization (sup) …

This article has analyzed the role of financial globalization and corruption in determining
financial dependency in Pakistan from 1980 to 2020. For checking the stationary of the data …

Aging populations. Weather shocks. Scarce water. Globalization. Security threats.
Policymakers today confront a number of developments that threaten to burden public …

A government that cannot commit to future policy choices faces a trade-off that explains the
level of debt. On the one hand, there is an incentive to increase debt and delay taxation, so …