We present the estimated large-scale three-region DSGE model GEAR picturing Germany, the Euro Area and the Rest of the … present-value multipliers for distinct fiscal instruments, and to assess how discretionary fiscal policy in Germany and the …-on-quarter GDP growth substantially, both in Germany and in the rest of the Euro Area. The main drivers of GDP growth in Europe …

. Further simulations highlight the importance of increased savings preferences in Germany to explain the latter. …

component appears to be completely ineffective. In a case study for Germany, we use the rich data available to combine micro …

of the Federal Constitutional Court of Germany concerning the legality of ECB government bond purchases such as those …