1 Subjects: “...Treasury bills and bonds...”

2 Subjects: “...Treasury bills and bonds...”

3 Subjects: “...Treasury bills and bonds...”

4 Subjects: “...Treasury bills and bonds...”

5 Subjects: “...Treasury bills and bonds...”

6 “.... On average, spending on the wage bill absorbs around one-fifth of total spending. Cross-country variation...”

7 “... or less. While cross-country differences in impact are found to depend mainly on the relative size of oil...”

8 “... of fiscal revenues, primary expenditures, the interest bill (and thus both the primary and the overall...”

9 “..., and widen cross-country gaps in prices. This paper focuses on easy-to-implement, second-best policies...”