Debt levels have surged since the mid-1990s and have reached historic highs across the OECD. High debt levels can … create vulnerabilities, which amplify and transmit macroeconomic and asset price shocks. Furthermore, high debt levels hinder … shocks. The empirical evidence suggests that when private sector debt levels, particularly for households, rise above trend …

level of government debt, favourable outlook for output growth, and long-term fiscal costs of ageing which are estimated to … needed pension reform, would have substantial longer-term costs in terms of higher taxes and additional debt service costs …, including an increase in the risk premium paid on government debt. In addition, this would heavily skew the tax burden towards …

by the ratio of debt service to tax receipts and expected fiscal deficits. Moreover, there is evidence to suggest that …

planned, with a view to reducing the debt burden below 60% of GDP by 2020. Austrian fiscal policies have tended to be pro …

imprecision about which debt targets should be pursued. It then examines the evidence regarding the exogenous and policy …

target reductions in debt-to-GDP ratios, perhaps supported by budget surplus targets. Temporary fiscal stimulus measures … budget balance over the medium term. Of crucial importance for the long-term success of fiscal-consolidation and debt …

automatic stabilizers and the policy response to the crisis. Consequently, public debt now stands at its highest level since the … early–1950s. The Administration has proposed the objective of stabilising the debt-GDP ratio by 2015, which is realistic in …