This paper traces the evolution of the concept of the cyclically adjusted budget from the 1930s to the present. The … idea of balancing the budget over the cycle was first conceived in Sweden in the 1930s by the economists of the Stockholm …

budget constraint, and equilibrium of supply and demand of good, under perfect competition with constant returns to scale … due to technological progress, we will show the following results. The budget deficit equals the increase in people …'s savings (net of pay-as-you-go pensions), and the accumulated amount of the budget deficit equals their savings. The budget …

expansion. This policy mix leads to an improvement in the budget balance in all the EU15 countries, suggesting that expansionary …

budget deficit. Although the government has addressed this issue through a burden-sharing scheme with the Central Bank, the … household budget analogy by arguing that fiscal deficit is not evidence of overspending. Also, it is argued that the burden … monetary operation. Hence, if the role of the central bank is not isolated in macroeconomic analysis, the government budget is …

assets--or net nominal savings--is crucial to understanding macroeconomic processes, and the government budget is the key …