This paper surveys the empirical research on fiscal policy analysis based on real-time data. This literature can be broadly divided in three groups that focus on: (1) the statistical properties of Revisions in fiscal data; (2) the political and institutional determinants of projection errors by...

Fiscal indicators are the backbone of effective fiscal policy-making, including the coordination and surveillance of budgetary policy at the EU level. The quality and success of the EU surveillance framework, in particular the timeliness and appropriateness of any policy recommendation or...

Canada’s governments have regularly missed budget spending and revenue targets during the last decade. Taken together, the spending overruns of federal, provincial and territorial governments have surpassed $53 billion in the last 10 years. If budget targets were met more accurately, current...

The consistent refusal by Obama Administration officials to release details of the Office of Management and Budget's long range budget projections compelled the use of the only other reliable source of budget information: The Congressional Budget Office's 10-year budget projections from March...

On 9 July 1849, Victor Hugo pronounced his speech "destroying misery" at the French Legislative Assembly. Whether in France or in the rest of the world, no one has succeeded, except China from 1980 to 2019, before the Covid crisis.In one side, in order to share a common direction with all...

Gdp even net of obsolescence (ndp) has to be considered only as an expense (investment is an expense; consumption, export minus import, and change of stock, all these indicators are today expenses). As entrepreneur you will never manage your investments by looking only the expenses, it is clear...

The two Cambridge controversy have marked a milestone in economic thinking. By their demonstration neo-Ricardian and post-Keynesian seemed to have proven the impossibility of defining the notion of Capital and, moreover, of being able to aggregate heterogeneous Capital. It is not so.By reasoning...

This study aims to evaluate the public debt sustainability of Pakistan using the debt sustainability analysis (DSA) framework and fiscal reaction function (FRF). For the empirical analysis, it uses relevant important macroeconomic variables, such as public debt, external debt, primary balance,...

In view of the increased importance of debt developments in the EU governance framework, this paper investi- gates the accuracy and the main causes of forecast errors in (government) debt projections. We find a positive average debt forecast error for European Union member states, which...

The Great Recession has left tens of millions of families facing unemployment, underemployment and the threat of losing their home. However,concerns over the deficit threaten to derail efforts to turn around the economy and spur employment. This report attempts to correct many of the...