Hepp, Ralf; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 2011
smoothing of a shock to a state’s gross domestic product by factor markets, the government sector, and credit markets …-unification Germany, we find that about 19 percent of a shock is smoothed by private factor markets, 50 percent is smoothed by the German … government sector, and a further 17 percent is smoothed through credit markets. For the postunification period, 1995 to 2006, the …