Diversity of development paths and structural transformation in historical perspective : an introduction / Martin Andersson and Tobias Axelsson -- Structural change and catching up : the relative small country advantage / Lennart Schön -- The latecomer advantages and disadvantages : a new...

This Selected Issues paper analyzes France's fiscal stance using a structural stochastic model. The theoretical model features a forward-looking benevolent government that needs to decide the optimal fiscal stance given the level of public debt, the cyclical position of the economy, and...