Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/172959 
Year of Publication: 
2017
Citation: 
[Journal:] Wirtschaftsdienst [ISSN:] 1613-978X [Volume:] 97 [Issue:] Sonderheft [Publisher:] Springer [Place:] Heidelberg [Year:] 2017 [Pages:] 9-16
Publisher: 
Springer, Heidelberg
Abstract (Translated): 
We evaluate the impact of fiscal stimulus measures during the financial crisis and the subsequent turn to fiscal consolidation during the Euro Area crisis. Based on an exploitation of the information contained in systematic forecast errors, we identify a robust and substantial underestimation of the multiplier effects linked to these measures. Moreover the effects are highly persistent, pointing to hysteresis effects of fiscal measures during deep crises.
JEL: 
E62
H68
Persistent Identifier of the first edition: 
Document Type: 
Article
Document Version: 
Published Version

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