Calling fiscal closing time

A look at economic studies of the impact of public spending cuts with a four-point prescription for policymakers ...

Is it time for fiscal consolidation or stimulus? Should governments cut or increase spending? Once again the issue is a matter of dispute among policymakers and economists. Citizens, having been told in 2008-09 that the imperative was to stimulate the economy, and in 2010-11 that the time had come for retrenchment, are understandably confused. Should priorities once again be reversed?

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