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 …

As of August 2015, Greece's loan repayments due to external creditors through 2057 summed to €319.5 billion, requiring … sufficient to increase Greece's primary balance by one percent of 2014 GDP – roughly a quarter of Greece's total debt obligations … overestimate the amount of actual revenue that Greece would raise due to the endogenous adjustment of capital and labor. Meeting …

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

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

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 …

generously on transfers and keeps the inequality low. In the second regime, it implements austerity-like policies by cutting …