Konjunkturpakete versus Austeritätspolitik

Stimulus Packages versus Austerity Measures

Gustav Horn, Sebastian Gechert and Christoph Paetz ()

Wirtschaftsdienst, 2017, vol. 97, issue 1, 9-16

Abstract: Abstract We evaluate the impact of fiscal stimulus measures during the financial crisis and the subsequent turn to fiscal consolidation during the Euro Area crisis. Based on an exploitation of the information contained in systematic forecast errors, we identify a robust and substantial underestimation of the multiplier effects linked to these measures. Moreover the effects are highly persistent, pointing to hysteresis effects of fiscal measures during deep crises.

JEL-codes: E62 H68 (search for similar items in EconPapers)
Date: 2017
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DOI: 10.1007/s10273-017-2116-3

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