Fiscal Consolidation Across Government Levels ‑ Part 3. Intergovernmental Grants, Pro‑ or Counter‑cyclical?
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This paper provides empirical analysis that measures the cyclical properties of intergovernmental transfers (or grants). Modelling a fiscal policy reaction function this paper tests whether the transfers systems in OECD countries are pro- or counter-cyclical, i.e. whether they offset cyclical fluctuations of sub-central economies or, on the...
