• On Deficits and Symmetries in a Fiscal Capacity 

      Hebous, Shafik; Weichenrieder, Alfons J. (2015-07-01)
      "There is a growing debate about complementing the European Monetary Union by a more comprehensive fiscal union. Against this background, this paper emphasizes that there is a trade-off in designing a system of fiscal ...
    • The Output Effect of Fiscal Consolidation Plans 

      Alesina, Alberto; Favero, Carlo; Giavazzi, Francesco (2014-10-01)
      We show that the correct experiment to evaluate the effects of a fiscal adjustment is the simulation of a multi year fiscal plan rather than of individual fiscal shocks. Simulation of fiscal plans adopted by 16 OECD countries ...
    • Vertical Fiscal Imbalances and the Accumulation of Government Debt 

      Aldasoro, Iñaki; Seiferling, Mike (2014-07-01)
      "The implications of delegating fiscal decision making power to sub-national governments has become an area of significant interest over the past two decades, in the expectation that these reforms will lead to better and ...