Most existing studies on medium-term fiscal planning focus on a single source of uncertainty, which is captured by including additive random error terms in stochastic simulation models. The fiscal authority in these models plans its budget with complete knowledge of the structure of the economy,...

The medium-term fiscal plan is based on projections of fiscal revenues and expenditures, conditional on future economic and financial developments including the stance of the monetary policy. This paper investigates how a more aggressive monetary policy would influence medium-term fiscal...

We extend the Global Projection Model (GPM) to include a separate block for China. China plays an important role in shaping global economic outcomes, given its sheer size and trade integration with other key economies, its demand for commodities, and its policies. Also, the Chinese economy has...

The global financial crisis of 2008-09 did not just change the global economic order. It also changed the way we think about that order. Principles and practices that were once accepted wisdom are now in doubt or discredited. New, fundamental questions opened. And the search for answers has...