As of August 2015, Greece's loan repayments due to external creditors through 2057 summed to €319.5 billion, requiring an average debt payment on a flow basis of 4.1 percent of 2014 Greek GDP. This paper examines the economic impact of increases in distortionary taxes on consumption, capital...

According to the expectations channel, a fiscal consolidation may give rise to less contractionary, or even expansionary effects on consumption, despite a decline in current disposable income. Intuitively, people may accumulate a stock of savings in anticipation of the consolidation and may...

Zum Jahresende 2011 hat die Weltkonjunktur deutlich an Fahrt verloren. Erinnerte das Tempo des Rückgangs der Indikatoren für die weltwirtschaftliche Aktivität zunächst an den dramatischen Einbruch der Aktivitätsindikatoren in der Finanzkrise 2008, so zeichnet sich inzwischen aber eine...