Although the deficit is a useful construct for Keynesian analyses of fiscal policy, the deficit appears to be a less …

exogenous disturbances. It is shown that structural policies intended to reduce the fiscal deficit or increase productivity can …

applied. Even when defined on a “falling due basis,” the size of the public sector deficit can be affected by the rescheduling … treatment adopted. Under a properly defined aggregation between public sector deficit and income position of the central bank …, the rescheduling treatment affects only the composition of the broader deficit …