Acknowledgments
Introduction
Alberto Alesina and Francesco Giavazzi
1. Government Spending and Private Activity
Valerie A. Ramey
Comment: Roberto Perotti
2. Fiscal Multipliers in Recession and Expansion
Alan J. Auerbach and Yuriy Gorodnichenko
Comment: Robert E. Hall
3. The Household Effects of Government Spending
Francesco Giavazzi and Michael McMahon
Comment: Lawrence J. Christiano
4. The Role of Growth Slowdowns and Forecast Errors in Public Debt Crises
William Easterly
Comment: Indira Rajaraman
5. Game Over: Simulating Unsustainable Fiscal Policy
Richard W. Evans, Laurence J. Kotlikoff, and Kerk L. Phillips
Comment: Douglas W. Elmendorf
6. How Do Laffer Curves Differ across Countries?
Mathias Trabandt and Harald Uhlig
Comment: Jaume Ventura
7. Perceptions and Misperceptions of Fiscal Inflation
Eric M. Leeper and Todd B. Walker
Comment: Jordi Galí
8. The “Austerity Myth”: Gain without Pain?
Roberto Perotti
Comment: Philip R. Lane
9. Can Public Sector Wage Bills Be Reduced?
Pierre Cahuc and Stephane Carcillo
Comment: Paolo Pinotti
10. Entitlement Reforms in Europe: Policy Mixes in the Current Pension Reform Process
Axel H. Börsch-Supan
Comment: David A. Wise
11. “Fiscal Devaluation” and Fiscal Consolidation: The VAT in Troubled Times
Ruud de Mooij and Michael Keen
Comment: James M. Poterba
12. Fiscal Rules: Theoretical Issues and Historical Experiences
Charles Wyplosz
Comment: Lucio R. Pench
13. The Electoral Consequences of Large Fiscal Adjustments
Alberto Alesina, Dorian Carloni, and Giampaolo Lecce
Comment: Thomas Romer
Contributors
Author Index
Subject Index