Fiscal Stabilization Policy and Fiscal Institutions
在微观基础上分析反周期财政政策，发现税收和支出工具在考虑扭曲性和债务可持续性后仍可发挥稳定作用，并探讨政治经济障碍及替代性财政制度设计。
In this paper we analyse counter-cyclical fiscal policy within the context of a microfounded analysis of business-cycle stabilization. We show that tax and spending instruments can have a useful counter-cyclical role, even after allowing for the distortionary nature of the instruments and the need for debt sustainability. A critical barrier to the use of fiscal instruments may be political economy concerns, and we survey recent suggestions involving alternative fiscal policy institutions.