Gadatsch, Niklas; Hauzenberger, Klemens; Stähler, Nikolai - 2015
and a complex international structure. We use the model to evaluate spillovers of fiscal policy, to calculate various … present-value multipliers for distinct fiscal instruments, and to assess how discretionary fiscal policy in Germany and the … Euro Area affected GDP growth during the global financial crisis. Our analysis suggests that spillovers of fiscal policy …