We compute a GVAR to estimate the fiscal spillovers on output, consumption, investment, employment, and income, from … generate positive spillovers on output and employment. Negative cross-country effects on consumption were also found. No … significant spillovers on investment or income were observed following this shock. Greater and more significant spillovers were …

The Great Recession underlined that policies in some countries can have profound spillovers elsewhere. Sadly, the … solution of simulating large macroeconomic models to measure these spillovers has been found wanting. Typical models generate … lower international correlations of output and financial asset prices than are seen in even pre-crisis data. Imposing higher …

consolidation shocks via trade flows. Using a measure of exogenous fiscal shocks in export markets, fiscal consolidation spillovers … partner countries, fiscal policies have large spillover effects on output. Spillovers of fiscal consolidations on growth are … medium term. Larger spillovers of fiscal consolidation coincide with stronger shifts in bilateral trade flows in currency …

consolidation shocks via trade flows. Using a measure of exogenous fiscal shocks in export markets, fiscal consolidation spillovers … partner countries, fiscal policies have large spillover effects on output. Spillovers of fiscal consolidations on growth are … medium term. Larger spillovers of fiscal consolidation coincide with stronger shifts in bilateral trade flows in currency …

, German fiscal spillovers to the CE4 and more broadly to the rest of the euro area, have increased over time, but are still …

such output losses might be exacerbated by negative spillovers from other countries. This paper presents some model …-border fiscal spillovers in the euro area. However, once the analysis takes into account the remaining channels (e.g. monetary … policy reaction, exchange rate, and risk premium) total spillovers are estimated to be relatively small. In general, when …