Catenarian fiscal discipline

Hans Gersbach, 4 January 2014

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Limiting the accumulation of public debt in democracies has always been a problem, but it has become a particularly pressing one in the last few decades.

Topics: Macroeconomic policy
Tags: debt, democracy, fiscal discipline, fiscal policy, time inconsistency

Dumping Russia in 1998 and Lehman ten years later: Triple time-inconsistency episodes

Guillermo Calvo, 31 August 2009

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In the last decade we have witnessed two major systemic financial crises, namely, the 1998 Russian crisis and the current crisis, the latter initially associated with the subprime mortgage market (henceforth, subprime crisis). A critical event in the subprime crisis was the Lehman Brothers’ episode in September 2008.

Topics: Macroeconomic policy
Tags: crisis, time inconsistency, time-inconsistent plans

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