For more than 25 years, the Social Security Trust Fund has been projected to run out of money in 2033 (give or take a few years), potentially causing benefits to be severely reduced in the absence of corrective legislative action. Today (February 2024), projections are made by the Social...

We explore how fiscal consolidations affect private sector confidence, a possible channel for the fiscal transmission that has received particular attention recently as a result of governments embarking on austerity trajectories in the aftermath of the crisis. Panel regressions based on the...

This paper is focused on the options for reducing the U.S. fiscal deficit in the aftermath of the financial crisis. The first part of the paper is devoted to an assessment of the economic outlook and the impact of the financial crisis on the medium-term fiscal balance of the federal government....

This policy note presents an assessment of the EU budgetary package for 2021-2027, including the European Union Recovery Instrument 'Next Generation EU' (EURI-NGEU), with an introduction to the EU decision-making process and the state of play of the relevant legislation as well as an annexed...

The understanding of the economic effect of formal institutional rules has progressed substantially in recent decades. These formal analyses have tended to take for granted that institutional arenas such as Congress are the places where decision-making takes place. That is a good approximation...

This article examines the German debt brake from a technical point of view. By designing the debt brake on the basis of the EU method, it should be possible to achieve an adequate division between the cyclical and structural components of the budget balance, while at the same time pursuing a...

This study reviews Azerbaijan's fiscal policy implementation and discusses its changes before, during and after the oil boom. Specifically, the period prior to 2005 is considered pre-boom, 2005-2014 is considered the oil boom and the years after 2014 are considered the post oil boom period. It...

In this paper, we present a disaggregated framework for the analysis of past and projected structural developments in the most relevant revenue and expenditure categories and the fiscal balance. The framework, in particular, distinguishes between the effects of discretionary fiscal policy and of...

This article is dedicated to a study of the relations between the economy and the size of the general government sector. The main aim of the article is an identification of the most important variables that are used to determine relations between the economy and size of the sector, as well as to...