#  Fiscal Policy 

 



[*Korea Herald*](https://www.koreaherald.com/article/10627348), Dec. 2, 2025.

"[Elon Musk’s $2 Trillion Fiscal Fantasy](https://www.project-syndicate.org/commentary/trump-tax-cuts-will-increase-the-deficit-no-matter-what-musk-says-by-jeffrey-frankel-2024-11?utm_source=project-syndicate.org&utm_medium=email&utm_campaign=authnote&)," *Project Syndicate*. "[Trump’s tax cuts and Musk’s Doge show they have no idea about US debt](https://www.theguardian.com/us-news/2024/nov/21/donald-trump-tax-cuts-elon-musk-doge-us-debt)," the [*Guardian*](https://www.theguardian.com/us-news/2024/nov/21/donald-trump-tax-cuts-elon-musk-doge-us-debt), Nov. 21, 2024.

"Will fiscal stimulus overheat the US economy?" [slides](/file_url/927), for panel ([Video](https://www.youtube.com/watch?v=EoxG7KYHX7U)) at SAFE Policy Center, Leibniz Instittue, Frankfurt, April 22, 2021.  
  
"[Republicans are rediscovering the dangers of budget deficits](https://www.theguardian.com/business/2021/jan/26/republicans-are-rediscovering-the-dangers-of-budget-deficits)," *The Guardian*, Jan. 26, 2021.  
  
"[Policy pro-cyclicalit](/file_url/813)[y](/file_url/808)," [Ppt](/file_url/807); Macro Policy Seminar, Harvard Econ.Dept., Dec.3, 2019. [Summary](/file_url/806).  
  
"[George HW Bush was fiscally responsible – unlike Donald Trump](https://www.theguardian.com/business/2018/dec/11/george-hw-bush-donald-trump-budget-deficit-taxes)," [*The Guardian*](https://www.theguardian.com/profile/jeffrey-frankel), Dec. 11, 2018. "[The lesson from George H.W. Bush’s tax reversal](https://voxeu.org/content/lesson-george-hw-bush-s-tax-reversal)" [VoxEU](https://voxeu.org/users/jeffreyfrankel), Dec. 22, 2018.

"Fiscal Pro-cyclicality and Optimistic Forecasts," [ppt](/file_url/560) or [pdf](/file_url/561), rev 5/13/2018; ([Ppt](/file_url/556) or [PDF](/file_url/550) with appendices), for Workshop on Fiscal Policy and Adjustment: Issues and Policy Implications, LAC, World Bank, May 9, 2018.

"Fiscal Procyclicality and Over-optimism in Official Forecasts," .[Ppt](/file_url/310) or [PDF](/file_url/311), MAS Term Professor, National University of Singapore, May 22, 2017.  
  
"[Trump's Fiscal Follies](https://www.project-syndicate.org/commentary/donald-trump-tax-plan-by-jeffrey-frankel-2016-08)," [*Project Syndicate*](http://www.project-syndicate.org/columnist/jeffrey-frankel), Aug. 19, 2016. [E.g., in *Financial Advisor*](/www.fa-mag.com/news/trump-s-fiscal-follies-28636.html), Aug. 23, 2016.

*Fiscal Procyclicality* lecture*,* OCP Policy Center, Rabat, Morocco, June 1, 2016 [ppt](https://www.hks.harvard.edu/fs/jfrankel/Overopt2016June1OCP.pptx), [pdf](https://www.hks.harvard.edu/fs/jfrankel/Overopt2016June1OCP.pdf). [Video](https://www.youtube.com/watch?v=AtQ81SXxUsE) also on recent global economic developments, June 2.  
  
"[Rediscovering Fiscal Policy at the G-7](https://www.project-syndicate.org/commentary/focus-on-fiscal-policy-at-g7-by-jeffrey-frankel-2016-05)," *Project Syndicate*, May 24, 2016. E.g., in [*Nikkei Asia Review*](http://asia.nikkei.com/Viewpoints/Viewpoints/Jeffrey-Frankel-Rediscovering-fiscal-policy-at-the-G-7%20.), May 25. "[Fiscal Education at the G-7,](http://econbrowser.com/archives/2016/05/guest-contribution-fiscal-education-for-the-g-7)" Econbrowser.  
  
“Fiscal Procyclicality and Over-optimism in Official Forecasts,” [keynote presentation](https://www.hks.harvard.edu/fs/jfrankel/Overopt2016MaySAIS.pptx), [pdf](https://www.hks.harvard.edu/fs/jfrankel/Overopt2016MaySAIS.pdf); Conference on Fiscal Policy & the Macroeconomy, Johns Hopkins School of Advanced International Studies, Washington DC, May 13, 2016.

“Fiscal Alchemy? An International Perspective,” [ppt](https://www.hks.harvard.edu/fs/jfrankel/MacroPolicySeminarApr28wA.pptx) or [pdf,](https://www.hks.harvard.edu/fs/jfrankel/MacroPolicySeminarApr28wA.pdf) Seminar on Macroeconomic Policy, Harvard Economics Department, April 28, 2015.  
  
"[Fiscal Procyclicality and Over-optimism in Official Forecasts](http://www.hks.harvard.edu/fs/jfrankel/FiscalProcyclOpForecastSeoul2014.docx)," presented at [Korea University](http://www.hks.harvard.edu/fs/jfrankel/Overopt%202014MayKoreaKU.pptx), May 23; [Bank of Korea](http://www.hks.harvard.edu/fs/jfrankel/Overopt%202014MayKoreaBoK.pptx), May 26; [SSE in Riga](http://www.hks.harvard.edu/fs/jfrankel/Overopt2014JunSSERiga.pptx), June 30, 2014, [with video](http://www.sseriga.edu/en/news-and-events/upcoming-events/jeffreyfrankel.html).

***"***[Austerity v. Stimulus](http://www.hks.harvard.edu/fs/jfrankel/REAI-Fiscal2014Apr.pptx)," REAI Advisory Board, Apr.2014.   
[Senior Executive Fellows](http://ksgexecprogram.harvard.edu/Programs/sef/overview.aspx), HKS: "[Fiscal Policy: Austerity vs. Stimulus](http://www.hks.harvard.edu/fs/jfrankel/SEF-2014Apr.pptx)," April 2014. "[Austerity vs. Stimulus](http://www.hks.harvard.edu/fs/jfrankel/SEF-2013Apr.ppt)," 2013.   
  
"[The Optimism Bias of Official Fiscal Forecasts in the Eurozone](http://www.hks.harvard.edu/fs/jfrankel/OveroptEuro2013June.ppt)," Banca d'Italia seminar, Rome, 20 June, 2013.

"[The Flawed Origins of Expansionary Austerity](http://www.project-syndicate.org/commentary/the-case-against-expansionary-austerity-by-jeffrey-frankel)," [*Project Syndicate*](http://www.project-syndicate.org/contributor/jeffrey-frankel), May 2013. E.g., [*Korea Herald*](http://www.koreaherald.com/view.php?ud=20130521000587)*,* May 21. Full: "[On Whose Research is the Case for Austerity Mistakenly Based](http://content.ksg.harvard.edu/blog/jeff_frankels_weblog/2013/05/20/on-whose-research-is-the-case-for-austerity-mistakenly-based/)?" May 20, 2013.  
  
“[Europe, You’re Down: Cyclicality and Sovereign Debt](https://www.hks.harvard.edu/fs/jfrankel/SovereignDebtUrupUrdownREAI-Nov2012.ppt),”[REAI](http://www.reai.harvard.edu/) Int.Adv.Board, Harvard Faculty Club, Nov.2012.

"[Four Magic Tricks for Aspiring Fiscal Conservatives](http://content.ksg.harvard.edu/blog/jeff_frankels_weblog/2012/10/29/four-magic-tricks-for-aspiring-fiscal-conservatives/)," [blog](http://content.ksg.harvard.edu/blog/jeff_frankels_weblog/category/budget/), Oct. 29, 2012.

"[The Procyclicalists: Fiscal Austerity vs. Stimulus](http://www.voxeu.org/article/procyclicalists-fiscal-austerity-vs-stimulus)," [*VoxEU*](http://www.voxeu.org/person/jeffrey-frankel), Aug.7, 2012.

"[The First World's Fiscal Follies](http://www.project-syndicate.org/commentary/the-first-world-s-fiscal-follies)," [*Project Syndicate*](http://www.project-syndicate.org/contributor/jeffrey-frankel), July 19, 2012. Or "[How the First World got its Keynesian Policies All Wrong](http://view.koreaherald.com/kh/view.php?ud=20120722000362&cpv=0)," *Korea Herald*, July 22. Part I: [The Procyclicalists: Fiscal Austerity vs. Stimulus](http://content.ksg.harvard.edu/blog/jeff_frankels_weblog/2012/07/25/the-procyclicalists-fiscal-austerity-versus-stimulus/). Part II. [Procyclicalists Across the Atlantic Too](http://content.ksg.harvard.edu/blog/jeff_frankels_weblog/2012/07/30/procyclicalists-across-the-atlantic-too/)." Economic & Fiscal Outlook," [Oct.22, 2012](http://www.hks.harvard.edu/fs/jfrankel/SEF-Oct2012.ppt).

“[Budgetary Wishful Thinking](http://www.project-syndicate.org/commentary/budgetary-wishful-thinking),” *Project Syndicate*, April 12, 2012; including [Korea Herald](http://www.koreaherald.com/national/Detail.jsp?newsMLId=20120416001039) 4/16/12.

"[Fiscal Crisis Gratuitously Self-Inflicted](https://www.usnews.com/debate-club/who-is-handling-its-debt-crisis-better-united-states-or-europe/us-crisis-gratuitously-self-inflicted)," *US News and World Repor*t, November 2011.  
  
"Back to School on the Budget: History & Arithmetic," Senior Executives Program, HKS, 2012;[ 2011](http://www.hks.harvard.edu/fs/jfrankel/BudgetHistory&ArithSEF-Mar2011.ppt).

"[What Lessons Do Developing Countries Have for Fiscal Policy in the US?](http://www.hks.harvard.edu/fs/jfrankel/LessonsForUSfiscalfromEMsWBk2000wds.doc)," [slides](http://www.hks.harvard.edu/fs/jfrankel/LessonsEMs-USBD-NYU2010.ppt), Stern School & India Planning Commission Workshop on *Restoring Inclusive Growth,* NYU, Oct. 7-8, 2010.