output changes at an early stage. We illustrate the method with an evaluation of the impact of the 2008-2009 crisis in …

of the five countries to the 2008 crisis was countercyclical. On the fiscal side, countries had a larger fiscal space in … indicators and a reduction in financing needs in the years before the crisis. On the monetary side, the capacity to implement … countercyclical responses in future crisis episodes, the fiscal authorities should reverse expansionary measures during good times and …

investment. While GDP growth was one of the strongest in OECD, employment did not reach the pre-crisis level and unemployment …

shorty before and on the onset of the global financial crisis, the link between credit growth and GDP growth becomes more … pronounced. In particular, the financial sector plays a dominant role during the early stages of the crisis, while the real … global financial crisis. Overall, our results suggest feedback effects between the financial and the real sectors that create …