In the following, we very briefly sketch out the reform proposal put forward by the EUCommission and make five suggestions on how this could be developed further. The annex contains two short papers covering (1) the EU methodology for computing debt sustainability and (2) expenditure rules in...

This paper empirically analyses fiscal policy behavior in the European Union (EU) Member States and assesses how it has changed during the recent pandemic crisis compared to previous crisis situations. Based on panel estimations the outcomes reveal that this time is different, both concerning...

We explore the short-term macrodynamics of stabilization policy at the effective lower bound (ELB) of the nominal interest rate, in an environment characterized by heterogenous and endogenously time-varying private-sector output and inflation expectations driven by evolutionary dynamics. We show...