The cyclically adjusted budget balance (CAB) plays a key role in the EU fiscal surveillance
framework. It started off in a supporting role in the shadow of the headline deficit and, before …

Using real-time data from Europe's Stability and Convergence Programs, we explore how
fiscal plans and their implementation in the EU are determined. We find that (1) implemented …

This paper estimates a fiscal reaction function (FRF) framework for euro area countries and
derives a novel approach to measure fiscal fatigue. As in previous studies, we find evidence …

We investigate the reaction of fiscal policy to the business cycle in a panel of 56 developed,
emerging and developing economies over 1990–2011. While we strengthen the established …

We survey the recent empirical literature concerning the cyclical response of fiscal policies
in the euro area, finding large differences in results. We show that these differences are …

Using real-time data, we explore the determinants of both fiscal plans and their
implementation for OECD countries over the period 1995–2006. First, based on forecasts we …

In this paper we present a stylised framework of fiscal policy determination that considers
both structural targets and cyclical factors. We find significant cyclical asymmetry in the …

We assess the existence of fiscal regime shifts in the UK, Germany, and Italy, using Markov
switching fiscal rules. On the basis of a newly built quarterly data set, our results show the …

Dollar, Euro's and Debt discusses the recent financial, economic, and fiscal crisis. It argues
that the focus that has been put on cyclical aspects of the crisis has missed the fundamental …

We estimate fiscal responses for an OECD panel, accounting for cross-country interactions,
and also estimate the fiscal responses in a panel VAR. We find that governments have …