Since the fiscal expansion during the Great Recession 2008-2009 and the current European consolidation and austerity measures, the analysis of fiscal multiplier effects is back on the scientific agenda. The number of empirical studies is growing fast, tackling the issue with manifold model...

Short Time Compensation [STC] was a key program in Germany to fight the crisis. However, STC is quite an old tool: in the past 100 years it has been used quite often and is very multifunctional. It stabilized employment in every kind of macroeconomic shock. After a brief look into the...

Der Export der deutschen Schuldenbremse oder ähnlicher Fiskalregeln in die Krisen geschüttelten Euroraum-Staaten halten viele derzeit für einen entscheidenden Beitrag zur Lösung der Euro-Krise. Der vorliegende Beitrag zeigt dagegen, dass solche Hoffnungen angesichts der zahlreichen...

Der Export der deutschen Schuldenbremse oder ähnlicher Fiskalregeln in die Krisen geschüttelten Euroraum-Staaten halten viele derzeit für einen entscheidenden Beitrag zur Lösung der Euro-Krise. Der vorliegende Beitrag zeigt dagegen, dass solche Hoffnungen angesichts der zahlreichen...

Short Time Compensation [STC] was a key program in Germany to fight the crisis. However, STC is quite an old tool: in the past 100 years it has been used quite often and is very multifunctional. It stabilized employment in every kind of macroeconomic shock. After a brief look into the...

We use novel German survey data to investigate how perceptions and information about public finances influence attitudes towards public debt and fiscal rules. On average, people strongly underestimate the debt-to-GDP ratio, overestimate the interest-to-tax-revenue ratio and favor a tighter...

We apply meta regression analysis to a unique data set of 104 studies on multiplier effects with 1069 reported multipliers in order to derive stylized facts and to quantify the differing effectiveness of the composition of fiscal impulses, adjusted for the interference of study-design...

We show that fiscal multiplier estimations may be biased by movements in asset and credit markets, as they facilitate spurious correlations of changes in cyclically adjusted revenues and spending with GDP growth via wrong identifications and an omitted variable bias, thus overstating episodes of...

Die Studie untersucht, ob fiskalische Multiplikatoreffekte im Abschwung systematisch größer sind als im Aufschwung. Dazu wird eine Meta-Regressions-Analyse durchgeführt, die einen neuartigen Datensatz von 98 empirischen Studien mit über 1800 Beobachtungen von Multiplikatoreffekten auswertet...

The NAIRU is a key component of potential output and as such critically affects output gap estimates. In May 2014, the European Commission changed its specification of the NAIRU for several countries and lowered its NAIRU estimates - in the case of Spain from 26.6% to 20.7% for 2015. To test the...