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Economic Outlook 79

Pay-as-you-go Pay-as-you-go Pay-as-you-go Pay-as-you-go

Girouard and André (2005)van den Noord (2000) Giorno et al (1995) ()

The Budget and Economic Outlook Fiscal Years 2007 to 2016

The Budget and Economic Outlook : An Update 2006a

Flow of Funds

European commission (2006b) Statistical Annex of European Economy Autumn 2006

PUBLIC FINANCES IN EMU 2006

Economic Outlook 79 Database Economic Forecasts, Autumn 2006

Economic Outlook 79 Database Economic Forecasts, Autumn 2006

Economic Outlook database Economic Forecasts, Autumn 2006 Alesina and Ardagna (1998)Alesina and Perotti (1996))

Economic Outlook 79 Database Economic Outlook 79 Database

Casey et al (2003)90 )90 Alesina and Ardagna (1998) )

Economic Outlook 79

Hori et al (2002) Kydland and Prescott (1977) Girouard and Andr(2005)Van den Noord (2000)

Girouard and André

Girouard and André (2005) counter-cyclical pro-cyclical 1-1

33 )Annett (2006) Taylor (2000)

Economic Outlook No.79

Annett (2006))

Public finances in EMU - 2005 EUROPEAN ECONOMY. No. 3. 2005 Gonzlez-Pramo (2006)

Taylor (2000)

Blinder and Reis (2005)

Economic Outlook 79 Economic Outlook 79

Institute for Fiscal Studies 1982 2005 Devereux and SorensenInstitute for Fiscal Studies 2004 1982

Bassanini and Duval Bassanini and Duval (2006)

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