Fiscal policies in high-debt Euro-area countries

Intro -- Preface -- Contents -- 1 Introduction -- 1.1 The Controversial Macroeconomic Outcomes of Fiscal Policy -- 1.2 Does the Euro Area Needs a Fiscal Union? -- 1.3 The Macroeconomic Outcomes of Fiscal Policy in High Debt Euro Area Countries -- 1.4 Spillovers of German Fiscal Policies in the Euro Area -- References -- 2 The Common Framework for National Fiscal Policies and the Euro Area Fiscal Union -- 2.1 Introduction -- 2.2 The Common European Framework for National Fiscal Policies -- 2.2.1 Preventive Arm -- 2.2.2 Corrective Arm -- 2.3 Towards a Euro-Area Budget for the Fiscal Union? -- 2.3.1 Some Comparison with Existing Federal States -- 2.3.2 The Euro-Area Budget Architecture: Some Proposals From the Literature -- 2.3.3 Other Proposals for Fiscal Union: Automatic Fiscal Stabilizers -- 2.4 The Effects of Government Spending Shocks in the Euro Area. Selected Literature -- 2.5 Measuring Fiscal Policy at the Euro Area Level -- 2.5.1 The Response of Variables to a Euro-Area Government Spending Shock -- 2.5.2 The Response of Variables to a Euro-Area Government Investments Shock -- 2.6 An Alternative Identification Strategy of Government Spending Shocks -- 2.6.1 Recovering Government Spending Shocks by Sign Restrictions -- 2.6.2 Government Investment Shocks -- 2.7 The Effects of Government Spending Shocks Under an Accommodative Monetary Policy -- 2.8 Fiscal Multipliers: Results -- 2.9 Conclusions -- References -- 3 The Macroeconomic Effects of Fiscal Policy Shocks: A Review of the Literature -- 3.1 Introduction -- 3.2 Alternative Methodologies for the Identification of Fiscal Shocks -- 3.3 Structural VARs and Identification of Fiscal Shocks -- 3.4 Alternative Definitions of Fiscal Multipliers -- 3.5 The Dynamics Effects of Fiscal Shocks in the US Economy -- 3.6 The Estimated Effects of Fiscal Shocks in the European Economy