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Discussions of macroeconomic policy often focus on changes in the budget deficit. A low budget deficit is one of the criteria for admission to the EMU. But some

This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the po

Working paper on the impact of alternative fiscal policies on the economy of the USA - examines three policy rules over three periods representing different pha

The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of