This paper reviews the methods used for estimating potential output in OECD countries and
the use of the resulting output gaps for the calculation of structural budget balances. The" …

IN PRACTICE, fiscal policies may be ap-plied inappropriately because conventional
measures of the fiscal deficit miscalculate the public sector's true budget constraint and give …

Abstract After the Global Financial Crisis, a controversial rush to fiscal austerity followed in
many countries. Yet research on the effects of austerity on macroeconomic aggregates was …

Creating the European monetary union between diverse and unequal nation states is
arguably one of the biggest social experiments in history. This book offers an explanation of …

We examine the evidence on episodes of large stances in fiscal policy, in cases of both
fiscal stimuli and fiscal adjustments in OECD countries from 1970 to 2007. Fiscal stimuli …

Drawing on a newly collected historical dataset of fiscal stocks and flows, we analyze the
determinants of variation, both across countries and over time, in how fiscal policy responds …

Fiscal adjustments Fiscal expansions and adjustments in OECD countries In several
countries policy-makers are striving to improve the budget balance, which can be done …

Fiscal policy in Latin America has been understudied, in part because of inadequate data.
This paper utilizes a new, comprehensive database on fiscal outcomes in 13 major Latin …

This paper offers three results. First, in line with the previous literature, we confirm that fiscal
adjustments based mostly on the spending side are less likely to be reversed. Second …

This paper studies how the composition of fiscal adjustments influences their likelihood of"
success," defined as a long-lasting deficit reduction, and their macroeconomic …