European fiscal stimulus assessed by Fed paper

federal reserve

A discussion paper published by the Federal Reserve on November 9 examines the impact of Europe's fiscal stimulus package pursued in the wake of the financial crisis.

The authors, Gunter Coenen, Roland Straub, and Mathias Traband, use an extended version of the European Central Bank's new area-wide model and incorporate 25 quarterly time series to quantify the impact of the European Economic Recovery Plan (EERP) impact on euro area GDP.

The EERP's effect was "sizeable, although short-lived", the

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