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Money, deficit and public debt: an empirical investigation
The optimality of nominal contracts
Federal fiscal constitutions part 1: risk sharing and moral hazard
Inspired by the current European developments, we study equilibrium fiscal policy under alternative constitutional arrangements in a federation of countries. There are two levels of government: local and federal. Local policy redistributes across individuals and affects the probability of aggregate shocks, while federal policy shares international risk. Policies are chosen under majority rule. There is a moral hazard problem: federal risk-sharing can induce the local governments to enact policies that increase local risk. We investigate this incentive problem under alternative fiscal ...
Monetary regimes and fiscal deficits: a comparative analysis