economic growth to a fiscal shock are mostly positive in both financial stress regimes; (iii) financial stress has a negative … shock is mainly associated with different behaviour across regimes; (v) the size of the fiscal multipliers is higher than …

Satellite-GVAR model appears to be a useful tool for analysing plausible global macrofinancial shock scenarios designed for …

derived from Eurosystem large-scale macroeconomic models. The main finding is that only a fiscal shock, and to a lesser extent … a TFP shock, generate marked inflation persistence. In contrast, an indirect tax and an oil price shock appear much less … persistent and a social security shock generates less inflation persistence in the majority of the countries (although some weak …

confidence shock in the Southern European countries and a shift in consumer preferences in the Northern Eu-ropean countries …