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Over the last decades, persistent government budget deficits have led to a rapid accumulation of public debt in most developed countries. Part of this may be explained by the aggressive use of fiscal policy (excluding the stimulus measures employed to fight the most recent financial crisis). In fact, it turns out that fiscal policy is not conducted by benevolent governments, but rather by politically-motivated executives, who typically make use of discretion in the conduct of fiscal policy to maximise their chances for re-election. However, this harms the economy by increasing the volatility...