This paper investigates the average impact of government debt on per-capita GDP growth in twelve euro area countries over a period of about 40 years starting in 1970. It finds a non-linear impact of debt on growth with a turning point—beyond which the government debt-to-GDP ratio has a...

The paper reviews the economic risks associated with regimes of high public debt through DSGE model simulations. The large public debt build-up following the 2009 global financial and economic crisis acted as a shock absorber for output, while in the recent and more severe COVID19-crisis, an...

Recommended readings (Machine generated): 1. James E. Meade (1958), 'Is the National Debt a Burden?', Oxford Economic Papers, 10 (2), June, 163-83 -- 2. Franco Modigliani (1961), 'Long-Run Implications of Alternative Fiscal Policies and the Burden of the National Debt', Economic Journal, 71...

Before the outbreak of the coronavirus (COVID-19) pandemic, discussions were already taking place on how to complete Economic and Monetary Union (EMU) and increase its resilience, inter alia, by speeding up economic convergence. The impact of the current unprecedented crisis on the euro area...