interest rates and low inflation, and when ensuing prolonged and subdued growth undermines potential growth via labour … of economic slack and its impact on inflation, crisis-related hit to potential output and neutral interest rates. However … et d’une inflation faible, conjugués à une croissance durablement atone qui affaiblit la croissance potentielle via des …

debt on economic growth. Reinhart and Rogoff (2010) were the first to point out that a public debt-to-GDP ratio higher than … some evidence in favour of a negative nonlinear relationship between debt and growth. But these results are very sensitive …, the negative nonlinear effect kicks in at much lower levels of public debt (between 20% and 60% of GDP). These results …

test to pin down debt thresholds endogenously. We show that the nonlinear relation from debt to growth is not very robust …. Taken with a pinch of salt, our results suggest, however, that a negative association between debt and growth may set in at … debt levels as low as 20% of GDP. Further (and greater) thresholds may exist but their magnitude is highly uncertain. For …

productivity could be boosted via rendering the tax system more growth friendly, reducing product market regulation (including …

, Luxembourg, the Netherlands, Portugal and Spain. All these countries had inflation above the euro area average in early 2001 …

, in particular the high level of public debt and low potential growth. The government has rightly aimed to halt the rise … in the public debt-to-GDP ratio and put it on a downward path. This could be achieved with either a balanced government …, it would be rewarded by faster debt reduction and lower risk of renewed financial-market reactions. In any case, the …

, Luxembourg, the Netherlands, Portugal and Spain. All these countries had inflation above the euro area average in early 2001 …’Irlande, le Luxembourg, les Pays-Bas, le Portugal et l’Espagne. Tous ces pays avaient une inflation supérieure à la moyenne de la …