era of permanent stagnation with high and rising unemployment. Euro area enters recession, CESEE to follow? Given the …

this fiscal consolidation programme on output and unemployment in the UK. During a prolonged period of depression when … unemployment is well above most estimates of the NAIRU, the impact of fiscal tightening may be different from that in normal times … unemployment, as expected. But our estimates indicate that the impact would have been substantially less, and less long-lasting, if …