Lucyna Gornicka, Christophe Kamps, Gerrit Koester, Nadine Leiner-Killinger, (2020), “Learning about fiscal multipliers during the European sovereign debt crisis“, VoxEU, 23 January
Recent studies have highlighted that the fiscal multipliers used by institutional forecasters were gradually adjusted upwards as the European sovereign debt crisis developed. This column confirms this finding, using a new dataset compiled from European Commission forecasts under the Excessive Deficit Procedure of the Stability and Growth Pact. In contrast to previous claims that the fiscal multiplier rose well above one at the height of the crisis, however, the authors argue that the ‘true’ ex-post multiplier remained below one.
- Christoph Boehm, (2019), «Government investment and fiscal stimulus», VoxEU, 7 September
- Barry J. Eichengreen ; Asmaa A ElGanainy ; Rui Pedro Esteves ; Kris James Mitchener, (2019), «Public debt through the ages», IMF Working Paper No 19/6, 15 January