The performance of the Irish economy over the period 2002-2019 varied considerably, with a credit-led boom up to 2007 being followed by a sharp fall in economic activity and house prices in the following five years. This provides a valuable sample for investigating the relevance of the housing...

The credit-driven housing net worth channel has been identified as a determinant of the sharp drop in US employment between 2007 and 2009. We examine the impact of this channel on the labour market in Europe using panel data for 20 countries covering the period 1996 to 2017. This period saw...

A reason for revising the EU fiscal rules in the early 2010s was to improve member states' forecasts against a background of documented biases in official projections. Using data from Stability and Convergence Programmes and the European Commission's Spring Forecasts, evidence is presented which...

Blanchard and Leigh (2013, 2014) find fiscal multipliers to be underestimated in the EU in the deep recession of the early 2010s. Using two 2013-2018 datasets for 26 EU member states, assembled from Stability and Convergence Programmes and the European Commission's Spring Forecasts, we show that...

Data from member states' Stability and Convergence Programmes from 2011 to 2018 are used to assess the cyclicality of government consumption in the EU after the European Semester took effect. Econometric estimations, which address endogeneity issues, find the intended (ex-ante) fiscal policy to...