This paper analyses the cyclicality of fiscal policy (discretionary versus automatic) for 28 advanced economies over 1995-2021 by paying special attention to the Covid-19 crisis. We find evidence that discretionary fiscal policy during the Covid-19 crisis (2020-2021) was significantly more...

Spending elasticities measure the reaction of different government spending components to the business cycle. They are important inputs for fiscal forecasts, and they are particularly relevant in the context of European Union (EU) fiscal rules, as elasticity estimates enter the estimation of...

This paper analyses deviations from full employment in EU countries, compared with the US and the UK. We apply the Beveridge (full-employment-consistent) rate of unemployment (BECRU), derived from the unemployment-vacancies relationship. The BECRU is the level of unemployment that minimises the...

This paper analyses (age-adjusted) employment rates by gender and education. We find that malefemale gender gaps and high-low education gaps in employment vary markedly across European Union (EU) countries and regions, with larger gaps existing in Eastern and Southern Europe than in Nordic and...

The concept of full employment is associated with diverse economic, political and social aspects. We provide a survey of theory, empirics and policy issues related to full employment. We make a novel contribution by tying together multi-dimensional aspects of full employment regarding...

Abstract This paper analyses the short-run effects of fiscal consolidation measures on economic activity in the euro area during the euro crisis. It presents new econometric estimates on the link between cumulative GDP growth and fiscal austerity measures during 2011-2013. The main empirical...

This paper analyses economic developments in the eurozone since its inception in 1999. In doing so, we document a process of economic divergence and polarisation among those countries that joined the eurozone during its first two years, which fits a typical 'core – periphery' pattern. We show...

Assessing Path Dependency in European Economic Integration This paper analyses the dynamics of structural polarisation and macroeconomic convergence vs. divergence in the context of European integration, where the latter is understood primarily as an increase in economic and financial openness....

Evidence for 17 OECD Countries over 1978-2013 Using an annual data set covering 17 OECD countries over the time period 1978-2013, this paper analyses the dynamic effects of fiscal consolidation episodes on income inequality in the short and medium run. By estimating impulse response functions...

This paper analyses Austria's export market performance by exploring four channels that can impact on exports a) cost competitiveness, b) ties to trading partners through their demand for import goods, c) global investment demand, and d) offshoring of goods production. By using cointegration...