This book examines the Eurozone crisis in light of theoretical and empirical evidence. The first half explores specific theoretical contributions within a framework of growth theory models to examine the two major pillars of the European construction, the European Central Bank and the Maastricht...

Recommended readings (Machine generated): Alesina, A. and S. Ardagna (1998) 'Tales of Fiscal Adjustment', Economic Policy, October: 489-545 -- Alesina, A. and R. Perotti (1995) 'Fiscal Expansion and Adjustments in OECD Countries', Economic Policy, 10 (21): 205-48 -- Alesina, A. and R. Perotti...

The search for an equilibrium between individual and social calculation encapsulates Keynes's economic and social programme - a far-reaching vision to be implemented not on the macroeconomic level only, but by rethinking the laissez-faire creed as a whole. Accordingly, Keynes’s fundamental aim...

In 2011, Portugal was subjected to one of the most stringent austerity packages implemented during the Eurozone crisis, a package known as the troika program. The interpretation of the effects of this program led to a vivid confrontation between two opposing views. A Keynesian view stressed the...