Recent evidence has renewed views on the size of fiscal multipliers. It is notably emphasized that fiscal multipliers are higher in times of crisis. Starting from this literature, we develop a simple and tractable model to deal with the fiscal strategy led by euro area countries. Constrained by...

Despite new hopes raised during the second semester of 2012, the Euro area is not yet out of recession. It has been following an economic strategy aiming at reducing budget deficits but hampering growth prospects. Budgets for 2013 have already been adopted by parliaments and lead to further...

This paper examines the statistical consequences of the rise of vertical trade. It makes usual trade statistics misleading as a measure of the contribution of each industry and each country to the international division of labour. This paper uses input-output tables and trade tables from the...

The 2007-2009 crisis has led public finances in industrial countries to deteriorate strongly due to a fall in tax receipts, the implementation of fiscal recovery plans and rescue packages for the financial sector. The article provides an analysis of public finances latest developments with...