In the comments section of my “Nominal Spending determines outcomes, not Fiscal Stimulus”, Mark Sadowsky wrote:
I’m curious what the graphs of fiscal deficits might look like. The effect of a discretionary fiscal stimulus would be even more dramatic in terms of fiscal deficits, since part of it often consists of revenue reduction. This might make an even stronger graphical demonstration (not proof of course, but evidence nevertheless).
And here they are:
And it is those same three countries with the lower deficits (and lower deficit increase) that have the highest increase in both nominal spending AND RGDP. Sweden even has a fiscal surplus!