This paper investigates the relationship between public debt and the effectiveness of fiscal policy, presenting evidence of an inverse relationship between government debt and fiscal multipliers. To explain the results, I develop and calibrate a HANK model tailored to the U.S. economy. The model...

Ireland's economic rebound is remarkably strong, underpinned by an ongoing successful macroeconomic adjustment and a supportive external environment. In terms of real gross domestic product (GDP), Ireland was the fastest growing economy in the euro area in 2014 and is set to top the euro-area...

Ireland's economic rebound is remarkably strong, underpinned by an ongoing successful macroeconomic adjustment and a supportive external environment. In terms of real gross domestic product (GDP), Ireland was the fastest growing economy in the euro area in 2014 and is set to top the euro-area...

This report presents the findings of the first post-programme surveillance (PPS) mission of Commission staff, in liaison with staff from the European Central Bank (ECB), which took place in Cyprus from 26 to 30 September 2016. PPS aims at a broad monitoring of economic, fiscal and financial...

This report presents the findings of the first post-programme surveillance (PPS) mission of Commission staff, in liaison with staff from the European Central Bank (ECB), which took place in Cyprus from 26 to 30 September 2016. PPS aims at a broad monitoring of economic, fiscal and financial...

This report presents the findings of the fourth post-programme surveillance (PPS) mission of Commission staff, in liaison with ECB staff, which took place in Lisbon between 15 June and 22 June 2016. The economic recovery is set to continue its moderate pace, mostly driven by domestic demand with...

This report presents the findings of the fourth post-programme surveillance (PPS) mission of Commission staff, in liaison with ECB staff, which took place in Lisbon between 15 June and 22 June 2016. The economic recovery is set to continue its moderate pace, mostly driven by domestic demand with...