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In most OECD countries, the financial crisis leads to a drop in GDP and has brought government finances into a state of disarray. As high public debt will slow down GDP growth, order in government finances must be restored, sooner or later. →

In most OECD countries, the financial crisis leads to a drop in GDP and has brought government finances into a state of disarray. As high public debt will slow down GDP growth, order in government finances must be restored, sooner or later. →

This paper derives and estimates rules for fiscal policy that prescribe the optimal response to changes in unemployment and debt. →

This paper derives and estimates rules for fiscal policy that prescribe the optimal response to changes in unemployment and debt. →