Creel, Jerome; Saraceno, Francesco - Centre de recherche en Économie (OFCE), Sciences … - 2008
the cyclical sensitivity of budget deficit to economic activity, and micro evidence on the tax and expenditure profiles … remarking that this trend is contradictory with the current economic institutions of Europe relying exclusively on automatic … stabilisation for the conduct of fiscal policy, we argue that increasing flexibility, one alternative way to reduce cyclical …