The recent financial crisis, Europe’s sovereign debt problems and the U.S. political dispute about raising the national debt ceiling have prompted fiscal policy debate about the size of government and the type of tax structure needed to fund public expenditures. ; Government revenue of the...

The global downturn following Lehman Brothers’ failure in September 2008 has become known as the Great Recession for good reason: It was the most severe global economic contraction since the Great Depression. As the dust settles, patterns among key macroeconomic variables have emerged....