"Arms, Revenue, and Entitlements: U.S. Deficits in the Cold War, 1945-1991 explores how defense, tax, and entitlement policies caused the U.S. government to become deficit normative during the Cold War era, arguing that only a comprehensive program can rein in deficits in the twenty-first century."

National accounts data are always revised. Not only recent data, but also figures dating many years back can be revised substantially. This means that there is a danger that an important part of the central bank's information set is flawed for a long period of time. In this paper we present a...