When deep recessions hit, some governments spend to rescue and recover their
economies. Key economic objectives of such countercyclical spending include protecting …

In 2009 and 2010, China undertook a 4 trillion Yuan fiscal stimulus, roughly equivalent to 12
percent of annual GDP. The" fiscal" stimulus was largely financed by off-balance sheet …

Why did the Eurozone crisis prove to be so difficult to resolve? Why was it resolved in a
manner in which some countries bore a much larger share of the pain than other countries …

Empirical works documenting highly persistent effects of negative demand shocks
('hysteresis') have questioned the prevailing wisdom that potential output is exogenous to …

Debt Sustainability Analysis (DSA) relies on macroeconomic and fiscal policy assumptions;
it plays an essential role in providing an anchor for bilateral negotiations and surveillance in …

Among the drivers of socio-economic development, this article focuses on an important yet
insufficiently understood international-level determinant: the spread of austerity policies to …

This paper investigates the role of informality in affecting the magnitude of the fiscal
multiplier in a panel of 141 countries, using the local projections method. We find a strong …

A growing number of recent works support the idea of debt threshold level (turning point),
above which debt starts reducing economic growth. However, estimated threshold varies …

To stabilize the climate, global greenhouse gas emissions must be cut by 25 to 50 percent
by 2030 compared to 2019. Such an unprecedented rate of decarbonization necessitates …

This paper analyses the short-run effects of fiscal consolidation measures on economic
activity in the euro area during the euro crisis. It presents new econometric estimates on the …