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-specific budgets depends on the combination of a demand for commitment and the demand for flexibility resulting from uncertainty about …-control problems. This theory matches several empirical findings on personal budgeting. …
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In 2015, the federal budget was executed with a deficit of 2.7% of GDP (in 2014, 0.5% of GDP). Compared to 2014, revenues have fallen significantly – by 2.0 p.p. of GDP, expenditure volume has gone up slightly – by 0.2 p.p. of GDP. The year 2016 and the following medium-term period can...
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