Creel, Jérôme; Saraceno, Francesco - In: Revista de Economía y Estadística XLVIII (2010) 1, pp. 75-103
automatic stabilisation. This points to a fundamental contradiction in the European Stability and Growth Pact, that relies … European Union, using both macro evidence on the cyclical sensitivity of budget deficits to economic activity and micro … evidence on the tax and expenditure profiles. We conclude that there is increasing evidence of the declining importance of the …