Strengthening potential output is high on the agenda for economic policy in the European Union. While there is widespread agreement that structural policies have a positive impact on long-term growth, there is a controversial discussion whether coordination of macroeconomic policies can...

We simulate the fiscal stimulus packages set up by the German government to allevi-ate the costs of the COVID-19 pandemic in a dynamic New Keynesian multi-sectorgeneral equilibrium model. We find that, cumulated over 2020-2022, output lossesrelative to steady state can be reduced by more than 4...

On 3 June 2020, the German government announced a EUR 130 billion fiscal stimulus package to stimulate market demand and jumpstart the economy in the wake of the COVID-19 pandemic lockdown in the spring of 2020. The most prominent measure of this package is an unconventional fiscal policy in the...

Infolge der COVID-19-Pandemie befindet sich Deutschland in einer Rezession, in der die gesamtwirtschaftliche Investitionstätigkeit deutlich zurückgegangen ist. Die Bundesregierung hat Anfang Juni ein Konjunkturprogramm beschlossen, welches zu einem Teil auch investive Maßnahmen vorsieht, die...