Fiscal resiliency in a deeply uncertain world: The role of semiautonomous discretion

By Peter R. Orszag, Robert E. Rubin, and Joseph E. Stiglitz

Orszag, Rubin, and Stiglitz outline a new fiscal framework that they argue would better equip policymakers to face deep uncertainties about future interest rates (which, they say, may not remain low forever), hard-to-predict global shocks, and climate risks.