Song, Storesletten, Zilibotti - Rotten Parents and Disciplined Children

giovedì 01/11/2012

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Song, Storesletten, Zilibotti - Rotten Parents and Disciplined Children

This paper proposes a dynamic politico-economic theory of fiscal policy in a world comprising a set of small open economies, whose driving force is the intergenerational conflict over debt, taxes, and public goods. Subsequent generations of voters choose fiscal policy through repeated elections. The presence of young voters induces fiscal discipline, i.e., low taxes and low debt accumulation.

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