Martin, Philippe; Philippon, Thomas - C.E.P.R. Discussion Papers - 2014
leverage, fiscal policy and spreads. Our parsimonious model can replicate the time-series for nominal GDP, employment, and net … true in Greece. For Ireland, however, given the size of the private leverage boom, such a policy would have required buying … back almost all of the public debt. Macro-prudential policy would have been helpful, especially in Ireland and Spain …