Abstract:An essential part of the ongoing normative debate on how to design the cyclical movements of fiscal policy practices argues that counter-cyclical fiscal policies based on the Keynesian view should be preferred to pro-cyclical practices because of their stabilizing effects. In this context, the empirical analysis of the cyclical behavior of fiscal policy is an area that is up to date, first introduced by Gavin and Perotti (1997). The common opinion of empirical studies is that counter-cyclical practices are app… Show more
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