Macroeconomic theory postulates that fiscal deficits cause inflation. Yet empirical research has had limited success in uncovering this relationship. This paper

Discussions of macroeconomic policy often focus on changes in the budget deficit. A low budget deficit is one of the criteria for admission to the EMU. But some

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This paper describes methodological issues pertaining to measurement of fiscal impact. The fiscal deficit is, under any circumstances, a crude tool for assessin