Bénétrix, Agustín S.; Lane, Philip R. - In: Journal of International Money and Finance 34 (2013) C, pp. 164-176
For the set of EMU member countries, we examine cyclical patterns in fiscal outcomes. We find that there is significant time variation in fiscal cyclicality, with an improvement in the wake of the Maastricht Treaty but a deterioration after the creation of EMU. Furthermore, we show that the...