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Zu den Verpflichtungen der Mitglieder im Europäischen Fiskalpakt gehört unter anderem, eine nationale Schuldenbremse einzuführen - eine Regel zur Begrenzung der jährlichen Neuverschuldung. Deutschland ist diesen Schritt bereits gegangen. Im vorliegenden Beitrag überprüfen wir, inwieweit...
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By applying a Structural Vector Autoregressive (SVAR) approach this paper estimates the effects of fiscal policy shocks 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...
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expenditure multiplier. This study uses recent cross-country data on reported rates of time preferences gathered by Wang, Rieger … expenditure multiplier. Our findings may help to explain some of the differences in view over the optimal path for fiscal …
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multiplier far below one. However, the stimulus ́multiplier strongly depends on the assumed monetary policy response. Based on …
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At the zero lower bound (ZLB), expectations about the future path of monetary or fiscal policy are crucial. We model expectations formation under level-k thinking, a form of bounded rationality introduced by García-Schmidt and Woodford (2019) and Farhi and Werning (2017), consistent with...
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variance in multiplier estimates can be explained by the national imprint and various author incentives. For this purpose, we … matter for the degree and direction of multiplier estimates. These potential biases largely disappear for teams of …
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