Bouthevillain and Quinet discuss the adjustment for the effects of fluctuations in the inflation rate. The paper points out the problems that arise in the measurement of these effects, especially because the impact of price changes may considerably differ according to whether they are expected...

Carine Bouthevillain, Laurent Paul and Jeanne Pavot observe that government debt in major developed countries has reached historically high levels for peacetime. They argue that in many countries, especially in Europe, fiscal adjustment must come from the control of public spending. The first...

Estimates of cyclically-adjusted budget balances, correcting actual government budget balances for business cycle fluctuations, are produced by many institutions. This paper presents an alternative approach for the cyclical adjustment of budget balances. The approach is based on a disaggregated...