It is widely agreed that a fiscal rule should boost discipline and credibility, reduce macroeconomic volatility, and be easily understood. To support such goals, a government may run structural surpluses and accumulate a precautionary cushion of assets on behalf of agents who do not enjoy access...

We develop a political economy model where some politicians have a comparative advantage in undertaking a task and this gives them an electoral advantage. This creates an incentive to underperform in the task in order to maintain their advantage. We interpret the model in the context of fighting...

Criminal groups use violence strategically to manipulate the behavior of victims and bystanders. At the same time, violence is a stimulus that causes fear, which also shapes people’s reactions. Taking advantage of the randomness in the timing of antipersonnel landmine accidents in Colombia, as...