In this paper a two-phase pandemic-economic model is proposed, with phase-specific modeling and policy variables - as suggested by the chronicle of pandemic and economic policy developments over the period 2020-2021. In a first phase, the spread of a pandemic disease is the primary concern of...

We show that in the EU there were diverse causes for the sovereign debt crisis. Yet, fiscal austerity was hastily imposed assuming that the multiplier would be weak and fiscal consolidation could quickly be achieved. Yet, it turned out that fiscal consolidation is state dependent: It is...

In this paper we formulate a baseline disequilibrium AS-AD model and empirically estimate it with time series data for the U.S.-economy. The version of the model used here exhibits a Phillips-curve, a dynamic IS curve and a Taylor interest rate rule. It is based on sticky wages and prices,...