The hidden compliance zone of fiscal rules

References

• Alesina, A., and T. Bayoumi. 1996. “The Costs and Benefits of Fiscal Rules: Evidence from U.S. States.” NBER Working Paper No. 5614.
   Google Scholar
• Bertola, G., and R. Caballero. 1994. “Irreversibility and Aggregate Investment.” Review of Economic Studies 61 (2): 223–246. doi:10.2307/2297979.
   Web of Science ®Google Scholar
• Buera, F., and Y. Shin. 2013. “Financial Friction and the Persistence of History: A Quantitative Exploration.” Journal of Political Economy 121 (2): 221–272. doi:10.1086/670271.
   Web of Science ®Google Scholar
• Buera, F., B. Moll, and Y. Shin. 2013. “Well-intended Policies.” Review of Economic Dynamics 16 (1): 216–230. doi:10.1016/j.red.2012.10.008.
   Web of Science ®Google Scholar
• Cagetti, M., and M. De Nardi. 2006. “Entrepreneurship, Frictions, and Wealth.” Journal of Political Economy 114 (4): 835–870. doi:10.1086/508032.
   Google Scholar
• Cordes, T., T. Kinda, P. Muthoora, and A. Weber. 2015. “Expenditure Rules: Effective Tools for Sound Fiscal Policy?” IMF Working Paper WP/15/29.
   Google Scholar
• De Haan, J., R. Jong-A-Pin, and J. O. Mierau. 2012. “Do Budgetary Institutions Mitigate the Common Pool Problem? New Empirical Evidence for the EU.” Public Choice 156 (3): 423–441. doi:10.1007/s11127-012-9949-5.
   Web of Science ®Google Scholar
• Dixit, A. K., and R. S. Pindyck. 1994. Investment under Uncertainty. Princeton, New Jersey: Princeton University Press.
   Google Scholar
• Eyraud, L., X. Debrun, A. Hodge, V. Lledó, and C. Pattillo. 2018. “Second-generation Fiscal Rules: Balancing Simplicity, Flexibility, and Enforceability.” IMF Discussion Notes No. 18/04.
   Google Scholar
• Fernández, J. G., and F. Parro. 2019. “Fiscal Rules and Financial Systems: Complement or Substitutes?” Oxford Bulletin of Economics and Statistics 81 (3): 588–615. doi:10.1111/obes.12279.
   Web of Science ®Google Scholar
• Frankel, J. A., C. A. Vegh, and G. Vuletin. 2013. “On Graduation from Fiscal Procyclicality.” Journal of Development Economics 100 (1): 32–47. doi:10.1016/j.jdeveco.2012.07.001.
   Web of Science ®Google Scholar
• Frey, B. S., S. Luechinger, and A. Stutzer. 2009. “The Life Satisfaction Approach to Valuing Public Goods: The Case of Terrorism.” Public Choice 138 (3): 317–345. doi:10.1007/s11127-008-9361-3.
   Web of Science ®Google Scholar
• Halac, M., and P. Yared. 2019. “Fiscal Rules and Discretion under Limited Enforcement.” NBER Working Paper No. 25463.
   Google Scholar
• Hercowitz, Z. H., and M. Strawczynski. 2004. “Cyclical Ratcheting in Government Spending: Evidence from the OECD.” Review of Economics and Statistics 86 (1): 353–361. doi:10.1162/003465304323023868.
   Web of Science ®Google Scholar
• Iara, A., and G. B. Wolff. 2011. “Rules and Risk in the Euro Area: Does Rules-based National Fiscal Governance Contain Sovereign Bond Spread?” Bruegel Working Papers 2011/10.
   Google Scholar
• International Monetary Fund (IMF). 2020. “Fiscal Rules Dataset 1985–2015.” https://www.imf.org/external/datamapper/fiscalrules/map/map.htm
   Google Scholar
• Larraín, F., and F. Parro. 2008. “Chile menos volátil.” El Trimestre Económico 75 (299): 563–596. doi:10.20430/ete.v75i299.412.
   Google Scholar
• Luechinger, S. 2009. “Valuing Air Quality Using the Life Satisfaction Approach.” Economic Journal 119 (536): 482–515. doi:10.1111/j.1468-0297.2008.02241.x.
   Web of Science ®Google Scholar
• Nerlich, C., and W. Heinrich Reuter. 2013. “The Design of National Fiscal Frameworks and Their Budgetary Impact.” European Central Bank Working Papers 1588.
   Google Scholar
• OECD. 2012. “Social Spending during the Crisis.” http://www.oecd.org/els/soc/OECD2012SocialSpendingDuringTheCrisis8pages.pdf
   Google Scholar
• Rasmussen, W. D., G. L. Baker, and J. S. Ward. 1976. “A Short History of Agricultural Adjustment, 1933-75.” Agriculture Information Bulletin No. 391, United States Department of Agriculture.
   Google Scholar
• Rehdanz, K., and D. Maddison. 2005. “Climate and Happiness.” Ecological Economics 52 (1): 111–125. doi:10.1016/j.ecolecon.2004.06.015.
   Web of Science ®Google Scholar
• Reuter, W. H. 2019. “When and Why Do Countries Break Their National Fiscal Rules?” European Journal of Political Economy 57: 124–141. doi:10.1016/j.ejpoleco.2018.08.010.
   Web of Science ®Google Scholar
• Schaechter, A., T. Kinda, N. Budina, and A. Weber. 2012. “Fiscal Rules in Response to the Crisis–toward the Next-generation Rules. A New Dataset.” IMF Working Paper WP/12/187.
   Google Scholar
• Sobel, R. S., and G. R. Crowley. 2014. “Do Intergovernmental Grants Creates Ratchets in State and Local Taxes?” Public Choice 158 (1/2): 167–187. doi:10.1007/s11127-012-9957-5.
   Web of Science ®Google Scholar
• Welsch, H. 2009. “Implications of Happiness Research for Environmental Economics.” Ecological Economics 68 (11): 2735–2742. doi:10.1016/j.ecolecon.2009.06.003.
   Web of Science ®Google Scholar