The main goal of the paper is to extract the aggregate demand and aggregate supply shocks in Greece, Ireland, Italy and … Portugal, as well as to examine the correlation among the two types of shocks. The decomposition of the shocks was achieved by …

: aggregate supply shocks, aggregate spending shocks, and monetary shocks. Applying a structural VAR to data for the eurozone and …

, Ireland, Italy, the Netherlands, Spain, and Portugal, over the sample period 1999-2016, i.e., the EMU period. The main … outcome of fiscal shocks is strongly related to debt levels. The Euro-area countries included in the investigation are Greece …