Section 4(1) of the Fiscal Responsibility and Budget Management Act 2003 requires the Central Government to eliminate revenue deficit and thereafter generate revenue surplus. In 2010-2011, unexpectedly high receipts from auction of spectrum in the 2100 MHz and 2300 MHz bands accounted for 55% of...

Brunila and Tujula suggest that estimating output gaps using a production function may be preferable in the presence of large structural breaks in the economy. In the Finnish experience, they show that the qualitative conclusions are not overly sensitive to the choice of method (HP filter or...