Fiscal Policies in High Debt Euro-Area Countries

Antonella Cavallo is a PhD Candidate in Labour, Development, and Innovation at the Marco Biagi Foundation of the University of Modena and Reggio Emilia and a member of the Research Center for Public Policy Analysis. She received her MA in Economics and Public Policy, summa cum laude, at the University of Modena and Reggio Emilia. Her research interests include monetary economics and macroeconomics. Pietro Dallari is an economist in the Fiscal Affairs Department of the International Monetary Fund, Washington (USA). His research interests include business cycles, fiscal policy, and finance. He holds a PhD in Economics from Pompeu Fabra University, Barcelona (Spain). Antonio Ribba is an Associate Professor in the Department of Economics "Marco Biagi", University of Modena and Reggio Emilia (Italy). He received his PhD from the University of Bologna (Italy) in 1996. His research interests include applied macroeconomics, business cycle fluctuations, and monetary and fiscal policy.

1 Introduction.- 2 The Common Framework for National Fiscal Policies and the EuroArea Fiscal Union.- 3 The Macroeconomic Effects of Fiscal Policy Shocks: A Review ofthe Literature.- 4 The Macroeconomic Effects of Fiscal Shocks in High Debt EuroArea Countries.- 5 A Further Look To Macroeconomic Outcomes of Fiscal Austerityin High Debt Countries.- 6 Can (And Should) Germany Do It? Spillovers of German FiscalPolicies in the Euro Area.- 7 The labor market outcomes of austerity. Evidence for Europe.