Antonio, Fatás; Ilian, Mihov - In: The B.E. Journal of Macroeconomics 12 (2012) 3, pp. 1-68
We analyze empirically the cyclical behavior of fiscal policy among a group of 23 OECD countries. We introduce a framework to capture the fiscal policy stance in a way that brings together automatic stabilizers and discretionary fiscal policy. We show that, for most countries, automatic changes...