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    • On Graduation from Fiscal Procyclicality 

      Frankel, Jeffrey A.; Vegh, Carlos A; Vulentin, Guillermo (John F. Kennedy School of Government, Harvard University, 2012)
      In the past, industrial countries have tended to pursue countercyclical or, at worst, acyclical fiscal policy. In sharp contrast, emerging and developing countries have followed procyclical fiscal policy, thus exacerbating ...