Austerity in the Aftermath of the Great Recession

Cross-country differences in austerity, defined as government purchases below forecast, account for 75 percent of the observed cross-sectional variation in GDP in advanced economies during 2010-2014. Statistically, austerity is associated with lower GDP, lower inflation and higher net exports. A multi-country DSGE model calibrated to 29 advanced economies generates effects of austerity consistent with the data. Counterfactuals suggest that eliminating austerity would have substantially reduced output losses in Eu- rope. Austerity was so contractionary that debt-to-GDP ratios in some countries increased as a result of endogenous reductions in GDP and tax revenue.

Austerity in the Aftermath of the Great Recession

Graph Chatbot

Using machine learning to generate an open-access cropland map from satellite images time series in the Indian Himalayan region

Monetary Independence And Rollover Crises

The Rising Impacts of the COVID-19 Pandemic and the Russia-Ukraine War: Energy Transition, Climate Justice, Global Inequality, and Supply Chain Disruption

Using machine learning to generate an open-access cropland map from satellite images time series in the Indian Himalayan region

Monetary Independence And Rollover Crises

The Rising Impacts of the COVID-19 Pandemic and the Russia-Ukraine War: Energy Transition, Climate Justice, Global Inequality, and Supply Chain Disruption