Feld, Lars P.; Reuter, Wolf Heinrich - 2021 - Final draft, Version: 16 June 2021
normal economic times, such that fiscal policy can forcefully counteract a severe crisis. Escape clauses are therefore an … less uncertain and susceptible to revisions, improving the transparency of fiscal policy and rule compliance, as well as … rules would hamper the ability of fiscal policy to cope with the long-term challenges and to prepare for unexpected short …