Carnot, Nicolas; Castro, Franciso de - Directorate-General Economic and Financial Affairs, … - 2015
side. With these characteristics the indicator offers an image of fiscal policy that avoids both the 'endogeneity problems … fiscal policies and estimate the average short-term output effects of fiscal policy. Results suggest that, with exceptions …, fiscal policy has been conducted in a more stop and go and pro-cyclical fashion over the past decade than suggested by …