Dellas, Harris; Malliaropulos, Dimitris; Papageorgiou, … - 2022
Macroeconomic models that omit the shadow economy systematically mis-forecast and mis-measure the effect of fiscal –in … black economy. In the data, official Greek GDP declined by about 26%, budget deficits proved larger and more persistent and … underground economy seems to have been a key factor in Greece’s failure to achieve orderly debt consolidation while avoiding …