under the no-bailout clause only up to an upper bound of their feasible fiscal effort. Second, we show that EMU completion …

particular tax– policy on economic activity and tax revenue. We add an informal sector to the Bank of Greece DSGE model and use … the actual package of fiscal consolidation implemented in Greece over the period 2010–2015 to evaluate the role of the … underground economy seems to have been a key factor in Greece’s failure to achieve orderly debt consolidation while avoiding …