Fiscal Policy Rules in Practice



4.3 The Data

.22


.10-⅜...............................

1970   1975   1980 1985   1990 1995 2000

---Germany Expenditure/Output Ratio


I---Germany Revenue/Output Ratio

Germany Debt/Output Ratio


---Spain Revenue/Output Ratio


.32 T

.28-


.12-⅜.................

86   88   90   92   94   96   98   00   02


2.4

2.2

2.0

1.8

1.6

1.4

1.2

86   88   90   92   94   96   98   00   02


I----Spain Expenditure/Output Ratio

I----Spain Debt/Output Ratio

19




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