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Decentring the Fiscal Deficit Target Numbers
Nations, unlike households, do not face budget constraints. Fiscal defi cit targets therefore cannot be the objective of macroeconomic policy. Instead, budget discussions must focus on governance, supply-side bottlenecks and on policies to raise aggregate demand.
The comments and suggestions of the anonymous referee were invaluable in developing the final version of this article. The author, however, remains solely responsible for its contents.
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