Garcia, Carlos J.; Restrepo, Jorge E.; Tanner, Evan - In: Journal of Policy Modeling 33 (2011) 4, pp. 649-676
It is widely agreed that a fiscal rule should boost discipline and credibility. A rule should also reduce macroeconomic volatility and be easily understood. Toward such ends, a government may run structural surpluses. In so doing, the government accumulates a precautionary cushion of assets on...
