Who prevails when fiscal and monetary authorities disagree about the value of public expenditure and how much to discount the future? When the fiscal authority sets debt as its main policy instrument it achieves fiscal dominance, rendering the preferences of the central bank, and thus its...

Social scientists often consider temporal stability when assessing the usefulness of a construct and its measures, but whether behavioral biases display such stability is relatively unknown. We estimate stability for 25 biases, in a nationally representative sample, using repeated elicitation...

This paper examines an Epstein-Zin recursive utility with quasi-hyperbolic discounting in continuous time. I directly define the utility process and consider a Merton's optimal consumption-investment problem for application. I show that a solution to the Hamilton-Jacobi-Bellman equation is the...