EMU countries have engaged in a consolidation of fiscal policies since 2011. This paper deals with the public debt and output dynamic consequences of this strategy. To thisend, we develop a simple macroeconomic modelof the Euro area, where fiscal multipliers time-varying. Recent empirical...

EMU countries have engaged in fiscal consolidation since 2011. This strategy has proven to be costly in terms of GDP. This cost has been amplified by the fact that fiscal multipliers are high in time of crisis, as recently stressed by the literature. Within this context, we wonder whether there...

Recent evidence has renewed views on the size of fiscal multipliers. It is notably emphasized that fiscal multipliers are higher in times of crisis. Starting from this literature, we develop a simple and tractable model to deal with the fiscal strategy led by euro area countries. Constrained by...

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De toutes les crises susceptibles de menacer l’expansion mondiale, celle des subprimes était la moins attendue. Au beau milieu de la trêve estivale, la révélation de l’implication d’institutions financières de renom dans les crédits immobiliers américains à risque a ricoché sur...

Avec le desserrement de certaines contraintes extérieures — notamment celles liées à l’appréciation passée de l’euro et à la forte augmentation du prix du pétrole —, l’économie française devrait croître en moyenne annuelle de 2,2 % en 2006 et de 2,1 % en 2007. Ce rebond de...