The European Commission methodology for computing the cyclically adjusted government budget balance provides a robust measurement of the fiscal position of the Member States. The fiscal semi-elasticities at the core of this method are structural parameters, mostly of fiscal nature, not linked to...

With the spectre of a recession looming in the eurozone (and elsewhere), the policy question arises as to how much leeway do the fiscal authorities in the eurozone have to follow counter-cyclical fiscal policies aimed at providing some stimulus to the economy.

The EC's budgetary problems are coming to a head. For 1983 virtually all the Community's resources have been utilized, and there are growing fears that the Community will soon have to declare itself bankrupt unless changes are made to current policy. What should be done to secure the financing...

The Great Recession presented the US with economic and political challenges that had not been experienced since the time of the Great Depression. This article provides a retrospective on the government’s response to the crisis ten years after the enactment of the Dodd-Frank Act, as the country...