The euro area is facing crisis, while the US is not, though the overall fiscal situation and outlook is better in the euro area than in the US, and though the US faces serious state-level fiscal crises. A higher level of fiscal federalism would strengthen the euro area, but is not inevitable....

When the international monetary system of Bretton Woods collapsed in 1973 the Deutsche Mark was at the top of its international reputation. The Dollar was permanently weak because the FED financed the US budget deficit for many years over the money printing press. In the European Union the...

Die vorliegende Arbeit wurde von Jakob Eberl während seiner Tätigkeit als Wissenschaftlicher Mitarbeiter am Center for Economic Studies (CES) an der Ludwig-Maximilians-Universität (LMU) München erstellt. Sie wurde im Dezember 2015 abgeschlossen und von der Volkswirtschaftlichen Fakultät der...

Subnational governments face a range of fiscal risks, defined as events whose realisation leads to significant deviations of revenue and/or expenditure from budgeted amounts. Fiscal risks reflect unforeseen macroeconomic developments, as well as structural shifts in the economy, including...

We analyze how the combined effect of automatic stabilizers and discretionary changes in tax-benefit systems have affected the cushioning of income shocks in the Euro zone and the EU-27 in the period 2007–2014. We propose a new summary measure of the combined effect of automatic stabilizers...

We analyze how the combined effect of automatic stabilizers and discretionary changes in tax-benefit systems have affected the cushioning of income shocks in the Euro zone and the EU-27 in the period 2007-2014. We propose a new summary measure of the combined effect of automatic stabilizers and...

We take the neoclassical perspective and apply the business cycle accounting method as proposed by Chari, Kehoe, and McGrattan (2007, Econometrica) for the Great Recession and the associated stimulus program in Germany 2008-2009. We include wedges to the variables government consumption,...

We take the neoclassical perspective and apply the business cycle accounting method as proposed by Chari, Kehoe, and McGrattan (2007, Econometrica) for the Great Recession and the associated stimulus program in Germany 2008-2009. We include wedges to the variables government consumption,...

As a result of the secession of South Sudan, Sudan has experienced the largest increases in the budget deficit, shortages of hard currencies, highest inflation rates, and debt accumulation. In this paper, we attempt to extend and contribute to prior research on the impacts of fiscal policies on...

The COVID-19 pandemic resulted in unprecedented economic changes that impacted families’ financial positions. In this report, the JPMorgan Chase Institute uses administrative banking data to assess checking account balances in conjunction with household income and spending. We analyze activity...