Cover Page -- Title Page -- Copyright Page -- Contents -- Foreword -- Acronyms and Abbreviations -- 1 Abenomics: From the Lost Decade to the Three Arrows -- 2 Abenomics: Lessons Learned from Two Decades of Conventional and Unconventional Monetary Policies -- 3 Can Abenomics Overcome the...

The paper examines the consequences of fiscal consolidation in times of persistently low growth and high unemployment by estimating medium-term fiscal multipliers during protracted recessions (PR) in a sample of 17 OECD countries. Based on Jorda’s (2005) local projection methodology, we find...