We estimate non‐linear VARs to assess to what extent fiscal spending multipliers are
countercyclical in the US. We deal with the issue of non‐fundamentalness due to fiscal …

This article discusses recent research on the macroeconomic effects of fiscal policy—the
theme of the 2018 edition of the Melbourne Institute Macroeconomic Policy Meeting. We …

In the light of the recent financial crisis, we take a panel cointegration approach that allows
for structural breaks to the analysis of the determinants of sovereign bond yield spreads in …

The post-COVID-19 period is likely to be characterised by an intensified stabilisation-
sustainability trade-off. This paper revisits the design of the Stability and Growth Pact's debt …

The paper reviews the economic risks associated with regimes of high public debt through
DSGE model simulations. The large public debt build-up following the 2009 global financial …

Abstract Focusing on Euro Area countries we show empirically that higher private debt leads
deeper recessions, while higher public debt does not, unless the level of public debt is …

We welfare rank various tax-spending-debt policies in a New Keynesian model of a small
open economy featuring sovereign interest-rate premia and loss of monetary policy …

This paper is linked to two debates on fiscal policies: first, the implications of low interest-
growth differentials for debt sustainability and, second, the reform of the EU fiscal …

We study optimized monetary and fiscal feedback policy rules. The setup is a New
Keynesian DSGE model of a closed economy which is solved numerically using common …

This paper analyses the potential of a European Debt Agency (EDA) as an efficient debt
management institution for the Euro area. The simulation of prices and quantities that would …