摘要：The paper focuses on the links between municipal expenditures and the economic crisis (or the economic cycle). The aim is to improve the predictions of municipal expenditures: current expenditures, capital expenditures and total expenditures. Current research shows that the predictions in times of economic growth are relatively good, but in times of economic crisis, models fail. The focus of this paper is the context of the business cycle in order to implement these macroeconomic contexts into predictive models. The tool for achieving this goal is to find strong connections, including time shifts.
