Government support of private (occupational and personal) pensionsthrough the system of tax reliefs is large: between one quarter and onethird that of direct support of state pensions through public expenditure.However, it is regressive, lacks transparency and is difficult to control. Thispaper...

The output multiplier turns negative before a deficit spending program expires.We show the generality of this unpleasant finding for the standard real business cyclemodel. We then calibrate an extended model for the US and demonstrate how fiscalstimulus slows down economic recovery from...