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The paper explores the macroeconomic consequences of fiscal consolidations whose timing and composition - either tax- or spending-based - are uncertain. We find that the composition of the fiscal consolidation, its duration, the monetary policy stance, the level of government debt, and...
Persistent link: https://www.econbiz.de/10010849954
exogenous disturbances and private agents’ behaviour - into a distribution for the maximum sustainable debt-to-GDP ratio …
Persistent link: https://www.econbiz.de/10010686951