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 …

The domestic and international transmission mechanism of fiscal policy shocks are analysed
in the United States and in Germany. Using a Bayesian VAR approach, we find that in both …

In response to the recession brought about by the COVID-19 pandemic, EU-wide
macroeconomic policy has launched an unprecedented coordinated fiscal expansion across …

The main proposals for the reform of the European Union's fiscal policy framework affect
three blocks of issues:(i) simplifying the rules to make them more transparent and flexible;(ii) …

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 …

We estimate the unemployment effects of a large fiscal stimulus in Spain (Plan Español para
el Estímulo de la Economía y el Empleo, the Spanish Plan for the Stimulus of the Economy …

The paper describes the main transmission channels of the spillovers of national fiscal
policies to other countries within the euro area and investigates their magnitude using …

This paper expands the analysis of the cyclical characteristics of social spending by
providing information on its joint behaviour across OECD countries. With this aim we …

We study the announcement effect of legislated tax changes on GDP in the US, Germany,
and the UK. Using, as the shock of interest, narratively identified information about future tax …

Resumen El programa Next Generation EU potenciará el crecimiento potencial, contribuirá
a reducir las brechas entre economías y ayudará a mitigar, temporalmente, dos carencias …