Creel, Jerome; Farvaque, Etienne - Centre de recherche en Économie (OFCE), Sciences … - 2009
skewed by the history of the budget structure, and fiscal rules on the budget. Previous results in the literature are … generalized, and the implications of fiscal rules for the use of debt as a strategic asset in the hands of politicians are derived …. The inclusion of a golden rule of public finance is compared with that of a balanced-budget rule. Because of the presence …