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In the last few years, Germany has been continuously violating the 3% deficit criterion of the Maastricht treaty, leading to a debt-GDP ratio of more than 65% in 2005. Italy could considerably reduce its deficits in the mid and late 1990s leading to a decline in its debt ratio. Nevertheless, the debt ratio still clearly exceeds 100% due to the excessive deficits in previous periods making it the largest debt ratio of the Euro-area countries. Further, most recently Italy again shows deficits exceeding 3% of GDP.
In the debate about deficit and debt ratios in countries of the Euro-area it has been argued that fiscal policy has been threatened to become unsustainable. Thus, a crucial issue about debt and deficits is the sustainability of public debt policy. Empirical studies which help to clarify whether governments pursue sustainable debt policies are indeed desirable and help to answer the question of whether policy makers adequately react to rising debt ratios.
Business cycle theory concerns the description and explanation of the observed ups and downs of main macroeconomic variables. After the early attempts to provide informal and non mathematical explanations, based on verbal arguments and empirical observations, the business cycle theory has been mainly considered a problem of mathematical economics after the works by Samuelson [28] and Hicks [16]. So, a business cycle model is now considered a dynamic model, usually formulated in the framework of the theory of dynamical systems, whose mathematical structure allows for fluctuations in major macroeconomic variables. A broad, and purely formal, classification of business cycle models distinguishes between linear and nonlinear, continuous and discrete time models.
A cornerstone of the Bush Administration’s domestic policy agenda following the 2000 election was the Faith-Based Initiative. The Bush Administration claims, “Faith-based and community organizations (FBCOs) have a long tradition of helping Americans in need and together represent an integral part of our nation’s social service network. Yet, all too often, the Federal government has put in place complicated rules and regulations preventing FBCOs from competing for funds on an equal footing with other organizations.” 1 The President’s objective was to place FBCOs on a level playing field with non-religious social service organizations. 2 From the standpoint of the Administration, “Federal funds should be awarded to the most effective organizations – whether public or private, large or small, faith-based or secular – and all must be allowed to compete on a level playing field.” Bush flatly disavows the mindset “that if government would only get out of our way, all our problems would be solved.” 3 Instead, Bush is a conservative who believes there are “some things the government should be doing.” 4 Faith-Based and Community Initiative is an example of a domestic policy that the federal government should enact.
To achieve the central element of his domestic policy within the first term of his presidency, George W. Bush did not rely upon the legislative process alone to advance Faith-Based and Community Initiative (FBCI). Although FBCI made it to Congress’s agenda, Bush also utilized the lawmaking power of the executive branch to help ensure the implementation of his policy preferences. Bush has adopted a two-pronged lawmaking approach in his effort to implement FBCI by utilizing executive orders, decrees, regulations, etc. while at the same time pursuing congressional action. How Bush has chosen to deploy his resources to implement his faith-based policy agenda helps shed substantive light on the development of the institutional presidency and our understanding of presidential power.
