"Recognising the regained importance of fiscal policy over the last two decades, this timely book provides much-needed insight into the manifold changes and challenges of fiscal policy and how it is adapting to the unpredictable nature of the 21st century. Fiscal Policy in a Turbulent Era brings...

America is on the brink of financial collapse. Decades of political overpromising and underfunding have created a wave of debt that could swamp our already feeble economy. And the politicians' favorite tricks--raising taxes, borrowing from foreign governments, and printing more money--will only...

This paper surveys the empirical research on fiscal institutions of the last three decades. The main results are: (i) Constitutional or statutory fiscal limitations have in most cases proved to be effective in cutting down public expenditure, revenue, and debt. (ii) Budgetary proce-dures matter...