Stähler, Nikolai; Thomas, Carlos - Deutsche Bundesbank - 2011
This paper develops a medium-scale dynamic, stochastic, general equilibrium (DSGE) model for fiscal policy simulations … its applications, and motivated by recent policy debate in the Euro Area, we calibrate the model to Spain and the rest of … the area and simulate a number of fiscal consolidation scenarios. We find that, in terms of output and employment losses …