"Drawing on interviews, economic data, and popular media, Cairns debunks the popular age of entitlement myth - where Millennials and Generation Y are accused of expecting good grades, top jobs, and exciting lifestyles without having to pay their dues. Instead, Cairns suggests that rather than...

Transfers and bailouts: enforcing local fiscal discipline with lessons from U.S. federalism / Robert P. Inman -- Constraining subnational fiscal behavior in Canada: different approaches, similar results? / Richard M. Bird and Almos Tassonyi -- Vertical imbalance and fiscal behavior in a welfare...

In most rich democracies one finds a tendency for the share in public finance that is available for discretionary spending to shrink. This is because tax revenues do not keep pace with simultaneous increases in fixed expenditures and growing pressures for fiscal consolidation. The present paper...

During the first half of the eighties, the U.S. federal deficit rose from $ 74 bn to $ 212 bn. When the Congressional Budget Office (CBO) projected in August 1985 that the deficit would further increase to $ 285 bn by 1990, the Gramm-Rudman-Hollings Act (GRH Act) was put into law. Its purpose is...

Recent research and events have brought fiscal policy back into the spotlight. Fiscal Taylor rules and error correction models have represented two different ways of quantifying the feedbacks from fiscal and economic conditions to fiscal policy decisions. This paper synthesizes these two ideas,...