The nonfarm payroll employment level in the United States is now close to its January 2008 pre-crisis level.

We project the path of the public debt and primary surpluses for a number of countries in the euro area under a fiscal rule based on a set of...

Not much cross-country evidence exists on the time-series behavior of individual fiscal instruments in response to the public debt and to...

In its current approach to achieve an appropriate euro area fiscal stance, the EU Commission asks countries with fiscal space to provide extra...

We identify the effects of the supply of mortgage credit on house prices, using the politicallydirected credit-targeting regime of Venezuela...

The literature has not yet come to a consensus on the actual responses of fiscal policy to output and to past public debt levels within...

Dynamic stochastic general equilibrium (DSGE) models with generalized shock processes, such as shock processes which follow a vector...

Labor’s share of income varies over the business cycle, and different theories of nominal rigidities predict different behaviors for labor’s...

In-Depth Analysis in preparation for the Monetary Dialogue for the European Parliament in September 2015

The construction bust which accompanied the Great Recession, and the accompanying need to shift workers across sectors, have provoked a...

While European countries have engaged in a debate about fiscal policy rules, little is known about the ability of these rules to ensure stable...

We project the path of the public debt and primary surpluses for a number of countries in the euro area under a fiscal rule based on a set of...

Recent calculations have suggested that the German federal government has saved roughly EUR 90-100 billion, cumulatively, due to low bond...

We formulate and estimate a simple fiscal policy reaction function for the euro area and individual euro area countries. Our reaction function...