between budget cuts and health outcomes. Health spending and inputs were very high in Greece before the crisis: in several …

decline in Greece's output, especially investment, is deeper and more persistent than in almost any crisis on record over that …

We examine austerity in advanced economies since the Great Recession. Austerity shocks are reductions in government … purchases that exceed reduced-form forecasts. Austerity shocks are statistically associated with lower real GDP, lower inflation … advanced economies generates a multiplier consistent with the data. Counterfactuals suggest that eliminating austerity would …

experience of Greece, the most extreme manifestation of the puzzling behavior of spreads during Covid. We develop a small open … boom-bust cycle of Greece before Covid and salient observations on macro aggregates, government debt, and the sovereign …

The conventional wisdom is (i) that fiscal austerity was the main culprit for the recessions experienced by many … right thing implementing fiscal austerity at the time they did, that is 2009-13. Finally we examine whether this round of …

's global share of GDP means that liberal Asian nations will be poised to take up the role of promoting liberal democracy …

years. Democratic capital -- measured by a nation's historical experience with democracy and by the incidence of democracy … in its neighborhood -- reduces the exit rate from democracy and raises the exit rate from autocracy. In democracies, a …, promoting economic development jointly with the consolidation of democracy …

By preemptive austerity, we mean a policy that increases taxes to deter potential rollover crises. The policy is so … international lenders but is ex-post suboptimal. That is why, as it engages in preemptive austerity, the government continues to …

of GDP by 2016. Informed by a detailed analysis of macroeconomic patterns in Greece, we estimate a rich dynamic general …