simulations to determine the path of public debt given the current expected consolidation. Our simulations suggest that despite … strong austerity measures, not all countries would be able to reach the 60% debt-to-GDP. If fiscal multipliers vary along the … not only that delaying austerity would improve growth perspectives and would not be incompatible with public debt …

government debt. Using three independent data sources and three different empirical approaches, we document a strong positive … wealth, social security, taxes and debt, and study the effects of fiscal consolidation programs. We find that higher income …

of non linearity in the effects of temporary and persistent fiscal shocks according to (i) the level of public debt and … they take place at high levels of public debt, possibly due to the higher costs of fiscal stabilization. The state of the …