This paper reviews the key issues concerning the impact of public spending and taxation on
long-run growth and inequality and takes stock of existing theoretical and empirical studies …

We investigate whether fiscal rules help to reduce the extent of policy procyclicality—how
government expenditure policy responds to GDP--in a dynamic panel framework with 81 …

This paper investigates the impact of credit rating changes on the sovereign spreads in the
European Union and investigates the macro and financial factors that account for the time …

This special issue has two main aims: to examine the contribution of political economy
analyses of the sovereign debt crisis and to relate these findings to longstanding debates in …

The world economy was slowing prior to the onset of the Covid-19 pandemic. The slowdown
began after a record-long period of expansion marked with record lows in unemployment …

We study whether multiyear fiscal adjustment plans in 17 OECD countries during 1980–
2011 have been associated with market pressure. We find that only a fraction of the …

Since the outbreak of the eurozone's sovereign debt crisis, a range of fiscal policy measures
have been adopted at the European Union (EU) and national levels that have given rise to …

The working mechanism of national fiscal rules depends strongly on whether a government
must comply with its own rules or inherited ones. In the former case, a government usually …

Fiscal management is considered to be effective only if fiscal imbalances do not create any
macroeconomic instability in an economy. In a federal structure, the performance of sub …

Public investment in advanced economies is at historical lows, and shows a declining trend
since at least the 1980s. Two main hypotheses have been posed to rationalize this fact. On …