Theoretical And Empirical Aspects Of Budget Deficits

In recent years there has been major public concem about the governmenı budgeı deficil. Is the ballooning budget deficit a serios economic problem? Whaı are the theoretical explanations of the budget deficit (Standard, Ricardian. Neoclassical and Keynesian)? Is there any difference between tax induced and expenditure induced deficlls? Haw can we measure real fiscal deficit (real deficit nominal deficit, sb1leturel deficit cyclical deficit)? What is the Fiscal ınusion? What are the effects of budget deficiı on macroeconomie variables (interest rates, public spending, private consumwon, private investment, national income)? What are thepolicies recommended to reduce budget deficilS?