This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth a

In recent years the level of taxation of many developing countries has changed dramatically over relatively short periods. These changes are too large and too s

The pamphlet (which updates the 1995 Guidelines for Fiscal Adjustment) presents the IMF’s approach to fiscal adjustment, and focuses on the role that sound go

This paper investigates the short-term effects of fiscal consolidation on economic activity in OECD economies. We examine the historical record, including Budge

Although accommodative policies and widespread indexation may account for the persistence of high inflation, they cannot explain changes in the inflation rate.