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Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook x Public Economics x Econometrics and Mathematical Economics x National Government Expenditures and Related Policies x clear all

Time-Consistent Public Policy

Paul Klein, Per Krusell and José-Víctor Ríos-Rull.

in The Review of Economic Studies

July 2008; p ublished online July 2008 .

Journal Article. Subjects: National Government Expenditures and Related Policies; Mathematical Methods; Programming Methods; Mathematical and Simulation Modelling; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 10015 words.

In this paper we study how a benevolent government that cannot commit to future policy should trade off the costs and benefits of public expenditure. We characterize and solve for...

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