Monthly Archives: July 2011

Escape from Procyclicality: Fiscal Policy in Developing Countries

[This column is co-authored with Carlos Végh and Guillermo Vuletin and was published in VoxEU.]
Everywhere one looks, problems of fiscal policy are now center stage.   Among advanced countries, the news is bad:   Europe’s periphery teeters, the U.K. slashes, the U.S. deadlocks, Japan muddles.  But in the rest of the world there is better news:   In […] Continue reading

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The Federal Government Races to the Cliff

In the 1955 movie Rebel Without a Cause, James Dean and a teenage rival race two cars to the edge of a cliff in a game of chicken.  Both intend to jump out at the last moment.  But the other guy miscalculates, and goes over the cliff with the car.
This is the game that is […] Continue reading

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