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debt above 60 percent or deficits above 3 percent of GDP. We find that the proposed framework would require ambitious … fiscal adjustment: on average, more than 2 percent of GDP over the medium term, in addition to the adjustment that is already … framework. We also find that for most countries with debt above 60 percent of GDP, these adjustment requirements are driven by …
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deficits and debt-to-GDP ratios, may pose challenges to the implementation of fiscal measures targeted at achieving … stringency of the European fiscal framework and/or the debt-to-GDP ratio increase carbon intensity. From a policy point of view …
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Spending elasticities measure the reaction of different government spending components to the business cycle. They are important inputs for fiscal forecasts, and they are particularly relevant in the context of European Union (EU) fiscal rules, as elasticity estimates enter the estimation of...
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