Fiscal Policy and the Great Recession in the Euro Area
估计了欧元区在大衰退期间财政政策对实际GDP增长的贡献，发现自主性财政措施使季度年化增长率最高提升了1.6个百分点，对研究危机中财政政策效果的经济学者有参考价值。
How much did fiscal policy contribute to euro area real GDP growth during the Great Recession? We estimate that discretionary fiscal measures have increased annualized quarterly real GDP growth during the crisis by up to 1.6 percentage points. We obtain our result by using an extended version of the European Central Bank's New Area-Wide Model with a rich specification of the fiscal sector. A detailed modeling of the fiscal sector and the incorporation of as many as eight fiscal time series appear pivotal for our result.