The short-term effects of fiscal consolidation have attracted an increasing attention from both the academia and policy makers in the recent years. Authors in the literature on non-Keynesian effects usually put the emphasis on the need for the devaluation of the national currency, the...

Hungary is one of the worst-hit countries of the current financial crisis in Central and Eastern Europe. The deteriorating economic performance of the country is, however, not a recent phenomenon. A relatively high ratio of redistribution, a high and persistent public deficit and accelerated...

The short-term effects of fiscal consolidation have attracted an increasing attention from both the academia and policy makers in the recent years. Authors in the literature on non-Keynesian effects usually put the emphasis on the need for the devaluation of the national currency, the...

Intro -- Contents -- List of Figures -- List of Tables -- Acknowledgements -- CHAPTER 1 Introduction -- PART ONE A Critical Assessment of the Concept of Non-Keynesian Effects -- CHAPTER 2 Stylized Facts of EU Countries' Major Fiscal Episodes -- CHAPTER 3 An Expectational View of Fiscal Policy A...