Euro Area affected GDP growth during the global financial crisis. Our analysis suggests that spillovers of fiscal policy …-on-quarter GDP growth substantially, both in Germany and in the rest of the Euro Area. The main drivers of GDP growth in Europe …

of different government sub-sectors on aggregate GDP in Germany. From a general government perspective, the results show … that besides investment, it is particularly changes in social contributions that yield significant output effects. The GDP … expenditures at all public authorities (central, state and local) trigger positive and statistically significant output effects at …

dependent on the steady-state debt-to-GDP ratio and thus determines the cutoff point beyond which debt is non-stationary. We … this regime, the lower the steady state debt-to-GDP ratio must be. This has repercussions for the overall business cycle …, implying a higher volatility of inflation and output the longer fiscal policy is active for any given equilibrium debt-to-GDP …