It is known that in a real business cycle model with constant returns to scale and a balanced budget fiscal policy rule, steady state indeterminacy may arise due to endogenous labour income tax rates. This article shows that when the government finances its expenditures via an endogenous consumption tax instead, a steady state is always saddle-path stable. Consequently, combining income taxes with consumption taxes makes the ranges of indeterminacy shrink, thus reducing the possibility of aggregate instability. From a policy perspective, the results provide an additional argument in favour of consumption taxes in place of capital taxes. Copyright 2007 The Author(s). Journal compilation Royal Economic Society 2007.

We present a new challenging stance detection dataset, called Will-They-Won't-They 1 (WT-WT), which contains 51,284 tweets in English, making it by far the largest available dataset of the type. All the annotations are carried out by experts; therefore, the dataset constitutes a high-quality and reliable benchmark for future research in stance detection. Our experiments with a wide range of recent state-of-the-art stance detection systems show that the dataset poses a strong challenge to existing models in this domain. The entire dataset is released for future research 2 .

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The intertemporal budget constraint of the government implies a relationship between a ratio of current liabilities to the primary deficit with future values of inflation, interest rates, GDP and narrow money growth and changes in the primary deficit. This relationship defines a natural measure of fiscal balance and can be used as an accounting identity to examine the channels through which governments achieve fiscal sustainability. We evaluate the ability of this framework to account for the fiscal behaviour of six industrialised nations since 1960. We show how fiscal imbalances are mainly removed through adjustments in the primary deficit (80-100%), with less substantial roles being played by inflation (0-10%) and GDP growth (0-20%). Focusing on the relation between fiscal imbalances and inflation suggests extremely modest interactions. This post WWII evidence suggests that the widely anticipated future increases in fiscal deficits, need not necessarily have a substantial impact on inflation. Abstract. The intertemporal budget constraint of the government implies a relationship between a ratio of current liabilities to the primary de…cit with future values of in ‡ation, interest rates, GDP and narrow money growth and changes in the primary de…cit. This relationship de…nes a natural measure of …scal balance and can be used as an accounting identity to examine the channels through which governments achieve …scal sustainability. We evaluate the ability of this framework to account for the …scal behaviour of six industrialised nations since 1960. We show how …scal imbalances are mainly removed through adjustments in the primary de…cit (80-100%), with less substantial roles being played by in ‡ation (0-10%) and GDP growth (0-20%). Focusing on the relation between …scal imbalances and in ‡ation suggests extremely modest interactions. This post WWII evidence suggests that the widely anticipated future increases in …scal de…cits, need not necessarily have a substantial impact on in ‡ation. Chryssi Giannitsarou JEL classification: E31, E62