We compute a GVAR to estimate the fiscal spillovers on output, consumption, investment, employment, and income, from … generate positive spillovers on output and employment. Negative cross-country effects on consumption were also found. No … not generate significant effects on income and increases the magnitude of the negative short-run spillovers on consumption …

consumption in two different samples and two measures of household debt to provide a comprehensive analysis of the topic. We used … fiscal impulses increase private consumption, but when households are highly indebted, patterns change, and increased … government spending or reduced taxes, in the presence of high indebtedness, actually discourage household consumption compared to …