In response to the Great Recession of 2008, many national governments implemented fiscal stimuli packages in 2009 and 2010 to prevent further declines in aggregate demand and to jump start their economic recovery. Where subnational governments responded with fiscal contraction, as in the United...

Countries and international organizations working on longer-range development issues depend on long-term quantitative projections and scenario analysis. Such forecasting has become increasingly challenging, thanks to the rapid pace of globalization, technological progress, the interplay among...

China's government economic stimulus package in 2008-09 appears to have worked well. It seems to have been about the right size, included a number of appropriate components, and was well timed. Its subnational component was designed to maximize the impact of the stimulus package on the economy...