Policy Research Working Paper 10984 Public Disclosure Authorized Public Disclosure Authorized From Fiscal Cyclicality to Fiscal Stress The Role of Asymmetric Public Consumption Rigidities in Emerging Markets Daniel Riera-Crichton Pilar Ruiz Orrico Guillermo Vuletin Latin America and the Caribbean Region Office of the Chief Economist November 2024 Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 10984 Abstract Macroeconomic textbooks warn that procyclical public spendin ...