The financial and economic crisis has generated renewed interest, especially among policy-makers, in early-warning systems that could help identifying fiscal and macro-financial vulnerabilities potentially triggering risks. Against this background, this paper presents an early-warning index of...

En 2009 el crecimiento de la economía colombiana fue casi nulo, el PIB aumento en promedio un 0,4%, siendo éste el peor desempeño de la década. Los efectos de la crisis mundial que se reflejaron en la fuerte contracción de la demanda y en la caída de la producción de los sectores...

A tanulmány áttekinti a Magyarországon az elmúlt években magas szinten beragadt államháztartási hiány okait és makrogazdasági hatásait, majd röviden vázolja a lehetséges megoldási irányokat. Tömör elméleti kitekintés után elemezi a fiskális politika fellazulásának...

Real wages in the United States have continued to stagnate in the years since the end of the Great Recession. This paper attributes this stagnation directly to the prolonged period of high unemployment. It notes research showing that the only period of sustained wage growth for most of the...

In the last decades, one of the most characteristic features in the developed economies has been the growing role of government. In this study, we focus on the Great Moderation period of the OECD countries. Targeting a more subtle approach to the role of the modern state, we shall here analyse...

Japan wurde durch die Naturkatastrophe am 11. März 2011 in eine erneute Rezession gerissen. Das Bruttoinlandsprodukt ist im ersten Quartal 2011 auf Jahresbasis hochgerechnet um 3,5 Prozent eingebrochen. Zwar werden die Folgen des Erdbebens und Tsunamis sowie der anschließenden...

The main focus of this paper is the relation between the cyclical components of total revenues and expenditures and the budget balance in France, Germany, Portugal, and Spain. We try to uncover past trends behind the development of public finances that contribute to explaining the current stance...

The sovereign debt crisis in the euro area has increased the interest in early warning indicators, with the aim to indicate the build?up of fiscal stress early on and to facilitate crisis prevention by a timely counteraction of fiscal and macroeconomic policies. This paper presents possible...

Fiscal policy has become quite controversial in the post-Keynesian era, the debate over the Obama stimulus package being a contentious recent example. Some pundits go so far as to take the position that macroeconomic theory has failed to meaningfully progress in terms of providing useful...