lapses should be corrected faster than lapses due to estimation errors. -- Fiscal policy ; debt brake ; welfare ; dsge …In a New Keynesian DSGE model with non-Ricardian consumers, we show that automatic stabilization according to a … countercyclical spending rule following the idea of the debt brake is well suited both to steer the economy and in terms of welfare …

In a New Keynesian DSGE model with non-Ricardian consumers, we show that automatic stabilization according to a … countercyclical spending rule following the idea of the debt brake is well suited both to steer the economy and in terms of welfare …

In a New Keynesian DSGE model with non-Ricardian consumers, we show that automatic stabilization according to a … countercyclical spending rule following the idea of the debt brake is well suited both to steer the economy and in terms of welfare …

-run output effects of the different consolidation strategies, but also regarding the welfare effects and the distributional … of credit-constrained households who cannot smooth consumption has a large impact on the overall output and welfare …

In this paper, we compare growth and welfare effects of various budget rules within an endogenous growth model with … affect the long run growth rate compared to a balanced budget while the growth rate is increased by a golden rule. Welfare … consumption should adhere to a balanced budget rather than a golden rule or a fixed deficit rule from a welfare point of view. …

smoothing, such a countercyclical policy can be welfare-enhancing as long as it does not affect labor market adjustment too …