The paper provides an international comparison and a comprehensive analysis of a new fiscal expenditure rule for the … the short-run by annually setting a cyclically adjusted expenditure ceiling, and it arrests the accumulation of public … debt via corrections of future expenditure targets for past deviations from projected fiscal balances. The paper finds that …

This paper looks at the factors that have to be considered when designing an aggregate expenditure ceiling. It is … argued that expenditure ceilings are effective in promoting fiscal discipline and sustainability, but that a number of trade … illustrates the discussion with a case study of medium-term aggregate expenditure ceilings in three countries: Finland, the …

policy on debt sustainability by the use of a medium term debt target, and annual nominal expenditure growth rules is … stabilizers. Numerical targets should be supported by structural reform measures for both revenues and expenditures, while the …

A number of uncertainties about long-term expenditure commitments in industrial countries are examined: (i) the … assumptions underlying the projections, (ii) the potential to further reduce non-age-related expenditures, (iii) the implicitly … within narrow limits, to reduce non-age-related expenditures; (ii) fiscal policy frameworks tend to understate risks; and …