Sustainable Fiscal Policy in a Federal State: The Swiss Example

Sustainable Fiscal Policy in a Small Open Economy

We study a small open economy characterized by two main frictions – incomplete financial markets and an inability of the government to commit to policy. We characterize the best sustainable fiscal policy and show that it can prolong shocks to output. In particular, the government’s credibility not to expropriate capital endogenously varies with the state of the economy and may be “scarcest” dur...

Efficient Expropriation: Sustainable Fiscal Policy in a Small Open Economy

We study a small open economy characterized by two empirically important frictions – incomplete financial markets and an inability of the government to commit to policy. We characterize the best sustainable fiscal policy and show that it can amplify and prolong shocks to output. In particular, even when the government is completely benevolent, the government’s credibility not to expropriate cap...

Efficient expropriation: Sustainable fiscal policy in a small open economy

U.S. State Fiscal Policy and Natural Resources

State and federal compliance with the Synar Amendment: federal fiscal year 1998.

BACKGROUND The Synar Amendment requires states and territories to enact a law prohibiting the sale of tobacco to minors and to enforce that law in a manner that could reasonably be expected to decrease the availability of tobacco to minors. OBJECTIVE To determine if the Department of Health and Human Services (DHHS) and applicant states and territories are complying with the Synar Amendment. ...