This paper provides a discussion of the relationships between austerity, the macroeconomic performance of the Greek economy, debt sustainability, and the provision of healthcare and other social services since 2010. It explains that austerity was imposed in the name of debt sustainability....

While the literature on theoretical macroeconomic models adopting the stock–flow consistent (SFC) approach is flourishing, few contributions cover the methodology for building an SFC empirical model for a whole country. Most contributions simply try to feed national accounting data into a...

We argue that the institutional framework of the eurozone was designed to deny a role for fiscal policy. However, the Great Recession of 2008–2009 forced governments to intervene, mainly to avoid the collapse of their financial systems. At the same time, the severe recession implied a decrease...