closely related to the harshness of fiscal austerity. Cumulative multiplier estimates are found to vary in a range from 1.4 to … the euro crisis. It presents new econometric estimates on the link between cumulative GDP growth and fiscal austerity … 2.1, depending on the data source used to identify the intensity of fiscal consolidation. Given these multiplier values …

ordering these consolidation strategies by multiplier size or their welfare consequences leads to very different rankings. With …

Anticipated stimulus policies enacted perhaps in response to a crisis can motivate precautionary behaviour during the … preceding expansion. Ex post stimulus can be ex ante prudential. Prudential fiscal stimulus both speeds up economic recoveries …, and prevents crises from occurring in the first place. Prudential fiscal stimulus policies can be simple: a wage subsidy …

strong and persistent during the euro crisis. With regard to the austerity outlook, I show that, beginning in 2025, EA … expects, and that the economic and political implications of austerity may complicate the governance of a fragile EA. …

generate optimal policies that resemble "austerity" measures. Optimal policy prescribes front-loaded fiscal consolidations and …

This policy brief reexamines the effects of the Greek austerity experiment on its economy via a counterfactual analysis … consolidation measures that have been implemented in Greece between 2010 and 2014. We estimate that austerity explains almost the … entire collapse of Greek GDP after 2009. This result suggests that-ceteris paribus-, in the absence of austerity, the Greek …