Gali, Jordi; Perotti, Roberto - National Bureau of Economic Research (NBER) - 2003
discretionary budget deficit over the period 1980-2002, using data on EMU countries and control groups of non-EMU EU countries and … EMU countries has become more countercyclical over time, following what appears to be a trend that affects other … industrialized countries as well. Similarly, we find that the decline in public investment experienced over the last decade by EMU …