Rannenberg, Ansgar, Schoder, Christian, Strasky, Jan, (2015), “The macroeconomic effects of the Eurozone’s fiscal consolidation”, Voxeu, 11 Νοεμβρίου.
From 2011 to 2013, fiscal policy in the Eurozone turned progressively more restrictive. This column argues that output cost of fiscal consolidation strongly depends on presence and strength of credit constraints. With credit constraints both in the household and the firm sector, fiscal consolidation would be largely responsible for the weak growth performance during 2011-2013. Postponing the fiscal consolidation to a period of unconstrained monetary policy would have avoided most of these losses.
Σχετικές Αναρτήσεις
- Gechert, S., Hughes Hallett, A. & Rannenberg, A. (2015) “Fiscal multipliers in downturns and the effects of Eurozone consolidation”, Centre for Economic Policy Research, Policy Insight No. 79, 25 Φεβρουαρίου.
- Adam, Antonis, Hatzipanayotou, Panos, Moutos, Thomas, (2015), “Labour Market Regulation, Fiscal Consolidation, and the Success of Current Account Adjustments”, AUEB Working Paper Series 15-17, Οκτώβριος.