households who hold more assets in the status quo equilibrium. Regarding fiscal policy mix, fiscal consolidation via spending …This paper builds a two-country Heterogenous Agents New Keynesian (HANK) model for the Euro Area (EA). The two …-2020 period. We use this model as a vehicle to study fiscal consolidation policy and reforms of EA fiscal targets. We find that …

recover the under-estimation of fiscal policy multipliers by examining the link between surprises in output growth and planned … fiscal consolidation. In this paper, we provide an analytical framework for this approach, which clearly shows that one … cannot just explain output surprises with planned fiscal consolidation. One also has to take into account actual fiscal …

recover the under-estimation of fiscal policy multipliers by examining the link between surprises in output growth and planned … fiscal consolidation. In this paper, we provide an analytical framework for this approach, which clearly shows that one … cannot just explain output surprises with planned fiscal consolidation. One also has to take into account actual fiscal …

We simulate the Euro Area's fiscal consolidation between 2011 and 2013 by employing two DSGE models used by the ECB and … constrained households. In the latter scenario, fiscal consolidation would be largely responsible for the decline in the output … gap from 2011-2013. Postponing the fiscal consolidation to a period of unconstrained monetary policy (until after the …

We simulate the Euro Area's fiscal consolidation between 2011 and 2013 by employing two DSGE models used by the ECB and … constrained households. In the latter scenario, fiscal consolidation would be largely responsible for the decline in the output … gap from 2011-2013. Postponing the fiscal consolidation to a period of unconstrained monetary policy (until after the …

We simulate the Euro Area's fiscal consolidation between 2011 and 2013 by employing two DSGE models used by the ECB and … constrained households. In the latter scenario, fiscal consolidation would be largely responsible for the decline in the output … gap from 2011-2013. Postponing the fiscal consolidation to a period of unconstrained monetary policy (until after the …