, known as austerity. In opposition to fiscal contraction measures, expansive fiscal action policies are often called for to … initiate economic recovery. But the national interests of austerity's main proponent, performed in an asymmetric … intergovernmental bargaining arena, render most of the proposed expansive action plans impossible and hence austerity is expected to …

We shed light on the function, properties and optimal size of austerity using the standard sovereign debt model … augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the … level desired by a country and supported by its repayment capacity. We find that austerity serves as a tool for securing a …

Depression and World War II. The article tries to give an impression of the extraordinary degree of fiscal austerity and the …

problems in the Social Security and Medicare programs, have triggered a onesided austerity-focused class war in the US. Similar …-sector austerity - severe cuts at all levels of government in spending that either supports the poor and the middle class or funds …, rising inequality and rising deficits. Rising deficits in turn created demands for austerity. After tracing the long …

austerity and by the worst recession ever recorded in the country's history. Finally, the paper presents some concluding remarks … on challenges and socio-economic risks resulting from the recent and radical shift towards fiscal austerity. …

established institutions enabled the United States to derail depression dynamics, while European 1930s-style austerity proved as …

of austerity have made the situation worse by adding a growth crisis to the potpourri of internal stresses that threaten …