In the aftermath of the global financial crisis, fiscal policy has taken a front seat in policy discussions around the world. How effective is a fiscal expansion in stimulating output in times of distress? What factors determine the size of fiscal multipliers? As fiscal budgets have become overstretched, the need to build fiscal space through fiscal consolidation and strengthen fiscal institutions to allow countries to save in good times have also turned into critical public
policy issues. At this workshop practioners discussed what we have learned about these and related questions and identified future fiscal
challenges across the world economy.