austerity measures in order to abide by their commitments with Eurozone institutions and the IMF. We show that the introduction …

This policy brief reexamines the effects of the Greek austerity experiment on its economy via a counterfactual analysis … consolidation measures that have been implemented in Greece between 2010 and 2014. We estimate that austerity explains almost the … entire collapse of Greek GDP after 2009. This result suggests that-ceteris paribus-, in the absence of austerity, the Greek …

effects of debt on growth. A second result relates directly to austerity policies. The level of government consumption and the … structure of taxation influence the required debt ratio and, paradoxically, austerity policies are counterproductive on their …

employment, (iii) a fiscal 'austerity' rule that links fiscal parameters to deviations from a target debt ratio fails to adjust … combination of fiscal and monetary policy rules which separately would stabilize the system, and (v) austerity rules can in some …