@article {65021,
	title = {Cyclical Budgetary Policy and Economic Growth: What Do We Learn from OECD Panel},
	year = {2006},
	note = {WCFIA Working Paper 07-08, June 2006},
	month = {Jun 7, 2006},
	abstract = {This paper uses yearly panel data on OECD countries to analyze the relationship between growth and the cyclicality of government debt. We develop new time-varying estimates of the cyclicality of public debt. Our main findings can be summarized as follows: (i) less procyclical public debt growth can have significantly positive effects on productivity growth, in particular when financial development is lower; (ii) public debt growth has become increasingly countercyclical in most OECD countries over the past twenty years, but this trend has been less pronounced in the EMU; (iii) less financially developed or more open economies display less countercyclical public debt growth.},
	author = {Aghion, Philippe and Marinescu, Ioana}
}
