Fiscal policy rules and economic fluctuations in the countries of the West African Economic and Monetary Union (WAEMU)

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• Fiscal policies did not fix the increase in the stock of debt. • Fiscal policy is countercyclical during recessions and acyclic during expansions with respect to the fiscal rule on the overall budget balance, including grants. • The fiscal policy stance is pro-cyclical under the structural budget balance, including grants. • During expansions, the implementation of multilateral surveillance has a counter-cyclical effect regardless of the rule applied. • During a recession, multilateral surveillance reinforces pro-cyclicality.