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Author:Tabellini, Guido 

Discussion Paper
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 ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 72

Working Paper
The optimality of nominal contracts

Working Papers , Paper 9114

Conference Paper
Monetary regimes and fiscal deficits: a comparative analysis

Proceedings

Conference Paper
Money, deficit and public debt: an empirical investigation

Proceedings

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