Now showing items 1-2 of 2

    • Policy Myopia 

      Aidt, Toke S.; Dutta, J.; Loukoianova, Elena (2004-06-16)
      This paper develops a theory of policy myopia. Policy myopia arises when rational voters set performance standards that allow elected politicians to distort the portfolio of public investments towards short-term investments. ...
    • A Real Time Tax Smoothing Based Fiscal Policy Rule 

      Loukoianova, Elena; Vahey, Shaun P.; Wakerly, Elizabeth C. (2004-06-16)
      In this paper we consider the real-time implementation of a fiscal policy rule based on tax smoothing (Barro (1979) and Bohn (1998)). We show that the tax smoothing approach, augmented by fiscal habit considerations, ...