Konjunkturpakete versus Austeritätspolitik

We evaluate the impact of fiscal stimulus measures during the financial crisis and the subsequent turn to fiscal consolidation during the Euro Area crisis. Based on an exploitation of the information contained in systematic forecast errors, we identify a robust and substantial underestimation of the multiplier effects linked to these measures. Moreover the effects are highly persistent, pointing to hysteresis effects of fiscal measures during deep crises.

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Year of publication:	2017
Authors:	Horn, Gustav A. ; Gechert, Sebastian ; Paetz, Christoph
Published in:	Wirtschaftsdienst. - Heidelberg : Springer, ISSN 1613-978X. - Vol. 97.2017, Sonderheft, p. 9-16
Publisher:	Heidelberg : Springer

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Type of publication:	Article
Type of publication (narrower categories):	Article
Language:	German
Other identifiers:	10.1007/s10273-017-2116-3 [DOI] 883970112 [GVK] hdl:10419/172959 [Handle]
Classification:	E62 - Fiscal Policy; Public Expenditures, Investment, and Finance; Taxation ; H68 - Forecasts of Budgets, Deficits, and Debt
Source:	EconStor

Persistent link: https://www.econbiz.de/10011777541