Hebous, Shafik; Zimmermann, Tom - In: European Economic Review 58 (2013) C, pp. 110-121
We estimate spillover effects of a fiscal shock in one member country in the euro area on outputs of the rest of the members, using a global vector autoregression (GVAR) model. We compare the effects of a domestic fiscal shock with those of a similar size area-wide shock expressed as a weighted...