This study uses the fiscal expansion and consolidation experiences of the industrial countries over the period 1970 to 1995 to examine the interplay between fiscal adjustments and economic performance. A key finding is that fiscal consolidation need not trigger an economic slowdown. Fiscal...

While economists continue to debate whether particular economic policies, such as those referred to in Willliamson`s (1993) quot;Washington Consensus,quot; can spur growth in developing countries, this paper demonstrates that it is combinations of policies that are more critical for growth....

As the former Special Assistant to the President for International Economics at the National Economic Council (NEC) at the White House, Robert F. Wescott helped develop policies on a wide range of internationaleconomic and financial issues. Prior to joining the NEC in early 1999, he was Deputy...

In this paper we analyze whether inflation targeting is feasible in Poland. There are at least three prerequisites for successful inflation targeting: 1) central bank independence, 2) a high degree of central bank accountability, transparency, and communication to the public, and 3) a...