Focal points and fiscal discipline. ACES Cases No. 2013.2

Many studies suggest that balanced budget rules can restrain sovereign debt and lower sovereign borrowing costs, even if those rules are never enforced in court. Typically, this is explained as a result of a legal deterrence logic, in which the threat of judicial enforcement deters sovereigns from violating the rules. By contrast, we argue that balanced budget rules work by coordinating decentralized punishment of sovereigns by bond markets, rather than by posing a credible threat of judicial enforcement. Therefore, the clarity of the focal point provided by the rule, rather than the strength of its judicial enforcement mechanisms, determines its effectiveness. We develop a formal model that captures the logic of our argument, and we assess this model using data on US states. We then consider implications of our argument for the impact of the balanced budget rules recently imposed on eurozone states in the Fiscal Compact Treaty.

University of Michigan Men's Basketball Team, 2001

Back Row: assoc. head coach Scott Trost, asst. coach Kurtis Townsend, asst. coach Terence Greene, LaVell Blanchard, Bernard Robinson Jr., Chris Young, Josh Moore, Josh Asselin, Rotolu Adebiyi, director of basketball operations Tom Sorboro, trainer Steve Stricker, equip. mngr. Bob Bland.

Front Row: Avery Queen, Mike Gotfredson, Leon Jones, head coach Brian Ellerbe, Gavin Groninger, Herb Gibson, Maurice Searight

Effects of beach replenishment on the nearshore sand fauna at Imperial Beach, California /

Contract no.: DACW72-76-C-0007.

Follow the whale /

Bibliography: p. [397]-405.

Abominable snowmen: legend come to life; the story of sub-humans on five continents from the early ice age until today.

Includes bibliography.

Ausgewählte komödien des P. Terentius Afer;

2. bdchen. Adelphoe; bearb. von Robert Kauer. 1903.

Space station : leadership for the future /

Cover title.

Opere postume di Vittorio Alfieri /

Mode of access: Internet.

De graecis fontibus Terenti, specimen secundum F.V. Fritzschius ...

At head of title: Index lectionum in Academia Rostochiensi, semestri aestivo a MDCCCLXII a die XV m. Aprilis, publice privatimque habendarum.

Proposed bacteriological code of nomenclature developed from proposals approved by the International Committee on Bacteriological Nomenclature at the meeting of the Third International Congress for Microbiology,

Mode of access: Internet.

Publii Terentii Afri Comoediae sex; ad fidem editionis Zeunianae accurate recensitae.

Mode of access: Internet.

The revolutionist: a play in five acts,

Mode of access: Internet.

Parergon Plavtinorvm Terentianorvmqve,

No more published.