Arbeitspapier
Fiscal policy and the 'Great Recession' in the euro area
How much did fiscal policy contribute to euro area real GDP growth during the Great Recession? We estimate that discretionary fiscal measures have increased annualized quarterly real GDP growth during the crisis by up to 1.6 percentage points. We obtain our result by using an extended version of the European Central Bank’s New Area-Wide Model with a rich specification of the fiscal sector. A detailed modeling of the fiscal sector and the incorporation of as many as eight fiscal time series appear pivotal for our result.
- Language
-
Englisch
- Bibliographic citation
-
Series: ECB Working Paper ; No. 1429
- Classification
-
Wirtschaft
Bayesian Analysis: General
Business Fluctuations; Cycles
Fiscal Policy
- Subject
-
Bayesian inference
DSGE modelling
euro area
- Event
-
Geistige Schöpfung
- (who)
-
Coenen, Günter
Straub, Roland
Trabandt, Mathias
- Event
-
Veröffentlichung
- (who)
-
European Central Bank (ECB)
- (where)
-
Frankfurt a. M.
- (when)
-
2012
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Coenen, Günter
- Straub, Roland
- Trabandt, Mathias
- European Central Bank (ECB)
Time of origin
- 2012
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