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We study the fiscal policy reactions of municipalities in the German state of North Rhine-Westphalia to an unanticipated spending shock. The implementation of a horizontal transfer system led to additional contributions for selected municipalities. Using the quasi-random assignment, we examine...
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Höppner and Kastrop examine the role of fiscal institutions and budgetary procedures in Germany with respect to the … developments in Germany in recent decades. It also examines budgetary prospects, pointing to the increasing share of public …
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This paper compiles the Intertemporal Public Sector Balance Sheets for all G7 countries and examines their relationship with government borrowing costs. In 2018, all G7 countries have negative Intertemporal Net Financial Worth (INFW), falling short of their intertemporal budget constraint. A...
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This paper analyzes recent macroeconomic developments in the eurozone, particularly in Germany. Several economic …. This paper explains Germany's hesitancy to protect its economy, which has been based on a political and historical ideology …
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