Bernardini, Marco; Peersman, Gert - CESifo - 2015
are considerably larger in periods of private debt overhang. In particular, we find significant crowding-out of personal … of private debt overhang, there is a strong crowding-in effect, while multipliers are much larger than one. In high … for the type of government spending shocks, and when we control for the business cycle, government debt overhang and the …