output changes. In the euro area investment is the predominant driver of output changes, while in the U.S. consumption shifts … several potential explanations for it. While the evidence seems to point at differences in consumption responses, rather than … investment, as the proximate cause for this fact, the source of the consumption difference remains a puzzle. …

We analyse the performance of budgetary and growth forecasts of all stability and convergence programmes submitted by …

This paper investigates fiscal sustainability in an overlapping generations economy with endogenous growth coming from … outlook for economic growth, thereby providing a rationale for fiscal rules ensuring sustainability. Our results show that the … (change in the population growth rate) under different fiscal policy scenarios. …

materialise fully; in particular, they often become large for the public consumption shock. …

global unobserved common factor model. It develops a sieve bootstrap procedure for simulation of the GVAR as a whole to test …

-based spending policies could have led to much safer fiscal positions much more in line with the EU’s Stability and Growth Pact rules. …

adjustment to a reduction in labour costs. Results suggest that, following the 2008-09 recession, moderate wage growth would …

, agents are assumed to know that the changes (or the growth rates) of fundament variables can be modelled as stationary ARMA …