Identifying fiscal multipliers is usually constrained by the absence of a counterfactual scenario. Our new data set allows overcoming this problem by making use of the fact that recommendations under the EU's excessive deficit procedure (EDP) provide both a baseline no-policy-change scenario and...

For the meeting of the Association d'Instituts Européens de Conjoncture Economique (AIECE) in May, Klaus-Jürgen Gern, Christophe Kamps, and Joachim Scheide prepared the General Report. It is now published as Kiel Discussion Paper 376/377 and supplemented by the country notes of other AIECE...