Download or read book Austerity vs Stimulus written by Robert Skidelsky and published by Springer. This book was released on 2017-08-08 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely book debates the economic and political logic of the austerity policies that have been implemented in the UK and in the Eurozone since 2010 and asks whether there is any alternative for these countries in the years ahead. The work reconsiders the austerity versus stimulus debate through the voices of those who proposed the successful idea of expansionary austerity and those who opposed it. The editors have brought together a collection of articles written by some of the most notable figures in the discipline, including the likes of Alberto Alesina, Ken Rogoff, Tim Besley, David Graeber, Vince Cable, and Paul Krugman. The book also features the debate between Niall Ferguson and Robert Skidelsky. These leading thinkers unveil a world where economists are far from agreeing on economic policy, and where politics often dominates the discussion. The question of whether the British government should have opted for austerity runs through the book, as well as how sustained economic recovery should be encouraged in the future. Scholars, students and members of the general public with an interest in the financial crisis and its lingering aftermath will find this work invaluable.
Download or read book Stimulus Or And Austerity written by Rafael Yanushevsky and published by Createspace Independent Publishing Platform. This book was released on 2017-01-17 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: The two camps of economists have different views concerning how to improve the economy in times of economic downturn. Representatives of the first camp do not believe that a large national debt will inevitably undermine economic growth and can even throw the economy into recession. They consider government spending on infrastructure as an efficient strategy and support the approach based on additional government borrowing. Another group of economists that concerns with high government debt which, as they believe, can inevitably undermine economic growth, supports austerity measures. Economists belonging to this camp consider the solution of the huge national debt problem as an urgent task. They believe that the approach based on additional government borrowing with a hope that this will help decrease the debt in the future has less probability of success than immediate austerity measures. The authors hope that their book will add insight to this debate. The developed models relate to the two approaches used to improve the economy in periods of economic downturn. The important issue is discussed: whether it is better to let debt increase in the hope of stimulating economic growth to get out of the slump or cut spending to get national debt under control. Austerity and spending are very hot topics discussed by economists, politicians, and journalists. Unfortunately, there is no an agreement concerning a proper fiscal policy to improve the economy. The book shows how to use the developed models to evaluate the dynamics of the debt to GDP ratio for the cases of government spending and tax cuts and make decision whether such economic measures are efficient. It also offers an approach to establish yearly goals to decrease a country's debt based on a long-term goal and balance its budget in a certain number of years. The book contains concrete examples related to the U.S. economy and computer programs used to solve these examples; these programs can be used to analyze the economies of other countries. Basic facts about stimulus and austerity policies are given in Chapter 1. The system approach is used to analyze these policies. Their main goals and related macroeconomic parameters of economic models are discussed. Special attention is paid to the debt to GDP ratio, which is considered as a compromised criterion to evaluate stimulus and austerity policies. Chapter 2 contains the debt to GDP ratio dynamics models developed to forecast the evolution of debt to GDP ratio over a 10-years horizon and evaluate the efficiency of government stimulus policy.Austerity policy is discussed in Chapter 3. The results of optimal theory are used to obtain optimal yearly debt levels that should be realized by an appropriate fiscal policy of the government. A more moderate policy of balancing budget by a specific year is also discussed. In Chapter 4 the theoretical results of Chapter 2 and Chapter 3 are used to evaluate the implemented economic policies. Comparative analysis of the results, based on the developed models, with the recommendations used by the U.S. government during the 2008 financial crisis and expectations, which were not well founded, is presented. . Several approaches that can improve the economy are considered. Chapter 5 contains software developed to solve multiple examples presented in the previous chapters. It can be useful for researchers who would test the considered models and use them in practice.
Download or read book Stimulus Versus Austerity written by Régis Barnichon and published by . This book was released on 2015 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite intense scrutiny estimates of the government spending multiplier remain highly uncertain with values ranging from 0.5 to 2. While a fiscal consolidation is generally assumed to have the same (mirror-image) effect as a fiscal expansion, we show that relaxing this assumption is crucial to understanding the effects of fiscal policy. The government spending multiplier is substantially below 1 for fiscal expansions, but the multiplier is substantially above 1 for fiscal consolidations.
Download or read book Stimulus Or Austerity written by Rafael Yanushevsky and published by LAP Lambert Academic Publishing. This book was released on 2014-11-28 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The two camps of economists have different views concerning how to improve the economy in times of economic downturn. In contrast to those who consider government spending as an efficient strategy and support the approach based on additional government borrowing with a hope that this will help decrease the debt in the future, another group of economists, concerned with high government debt, which, as they believe, can inevitably undermine economic growth, supports austerity measures. Based on the developed debt to GDP ratio dynamics model, the authors examine whether the projected future economic growth (stimulated by government spending) is sustained with the resulting national debt. An approach to the problem of debt reduction and balancing budget is considered. The authors perform a series of simulations (based on US data) to forecast the evolution of the debt to GDP ratio over a 10-year horizon. The presented material contributes to the on-going debate about the government policy to boost the economy.
Download or read book Long Term Effects of Fiscal Stimulus and Austerity in Europe written by Sebastian Gechert and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze whether there are negative (positive) long-term effects of austerity measures (stimulus measures) on potential output growth. Based on the approach of Blanchard and Leigh ([Blanchard, O. J., 2013]) and Fatás and Summers ([Fatás, A., 2018]) and using a novel data set of narratively identified fiscal policy shocks, we estimate the impact of these shocks on potential output. We robustly find a considerable underestimation of multiplier effects and their persistence for most European countries in the early years after the financial crisis and subsequent Euro Area crisis. We conclude that fiscal consolidation was badly timed and thus not only deepened the crisis but may have caused evitable hysteresis effects.
Download or read book The Financial Crisis Five Years on written by Jiří Čáslavka and published by . This book was released on 2012 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Austerity Versus Stimulus written by Richard McManus and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Liquidity traps and expectation dynamics fiscal stimulus or fiscal austerity written by Jess Benhabib and published by . This book was released on 2012 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine global dynamics under infinite-horizon learning in New Keynesian models where the interest-rate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), the intended steady state is locally but not globally stable. Unstable deflationary paths emerge after large pessimistic shocks to expectations. For large expectation shocks that push interest rates to the zero bound, a temporary fiscal stimulus or a policy of fiscal austerity, appropriately tailored in magnitude and duration, will insulate the economy from deflation traps. However "fiscal switching rules" that automatically kick in without discretionary fine tuning can be equally effective.
Download or read book Austerity written by Mark Blyth and published by Oxford University Press. This book was released on 2015 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Austerity: The History of a Dangerous Idea, Mark Blyth, a renowned scholar of political economy, provides a powerful and trenchant account of the shift toward austerity policies by governments throughout the world since 2009. The issue is at the crux about how to emerge from the Great Recession, and will drive the debate for the foreseeable future.
Download or read book The Austerity State written by Stephen McBride and published by University of Toronto Press. This book was released on 2017-01-01 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This volume focuses on the state's role in managing the fall-out from the global economic and financial crisis since 2008. For a brief moment, roughly from 2008-2010, governments and central banks appeared to borrow from Keynes to save the global economy. The contributors, however, take the view that to see those stimulus measures as "Keynesian" is a misinterpretation. Rather, neoliberalism demonstrated considerable resiliency despite its responsibility for the deep and prolonged crisis. The "austerian" analysis of the crisis is--historical, ignores its deeper roots, and rests upon a triumph of discourse involving blame-shifting from the under-regulated private sector to public or sovereign debt--for which the public authorities are responsible."--
Download or read book Austerity written by Alberto Alesina and published by Princeton University Press. This book was released on 2020-12 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: A revealing look at austerity measures that succeed—and those that don't Fiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-defeating. Supporters argue that budget deficits have to be tackled aggressively at all times and at all costs. Bringing needed clarity to one of today's most challenging economic issues, three leading policy experts cut through the political noise to demonstrate that there is not one type of austerity but many. Austerity assesses the relative effectiveness of tax increases and spending cuts at reducing debt, shows that austerity is not necessarily the kiss of death for political careers as is often believed, and charts a sensible approach based on data analysis rather than ideology.
Download or read book Debtors Prison written by Robert Kuttner and published by Vintage. This book was released on 2013-04-30 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of our foremost economic thinkers challenges a cherished tenet of today’s financial orthodoxy: that spending less, refusing to forgive debt, and shrinking government—“austerity”—is the solution to a persisting economic crisis like ours or Europe’s, now in its fifth year. Since the collapse of September 2008, the conversation about economic recovery has centered on the question of debt: whether we have too much of it, whose debt to forgive, and how to cut the deficit. These questions dominated the sound bites of the 2012 U.S. presidential election, the fiscal-cliff debates, and the perverse policies of the European Union. Robert Kuttner makes the most powerful argument to date that these are the wrong questions and that austerity is the wrong answer. Blending economics with historical contrasts of effective debt relief and punitive debt enforcement, he makes clear that universal belt-tightening, as a prescription for recession, defies economic logic. And while the public debt gets most of the attention, it is private debts that crashed the economy and are sandbagging the recovery—mortgages, student loans, consumer borrowing to make up for lagging wages, speculative shortfalls incurred by banks. As Kuttner observes, corporations get to use bankruptcy to walk away from debts. Homeowners and small nations don’t. Thus, we need more public borrowing and investment to revive a depressed economy, and more forgiveness and reform of the overhang of past debts. In making his case, Kuttner uncovers the double standards in the politics of debt, from Robinson Crusoe author Daniel Defoe’s campaign for debt forgiveness in the seventeenth century to the two world wars and Bretton Woods. Just as debtors’ prisons once prevented individuals from surmounting their debts and resuming productive life, austerity measures shackle, rather than restore, economic growth—as the weight of past debt crushes the economy’s future potential. Above all, Kuttner shows how austerity serves only the interest of creditors—the very bankers and financial elites whose actions precipitated the collapse. Lucid, authoritative, provocative—a book that will shape the economic conversation and the search for new solutions.
Download or read book Greecing the Skids written by Esther Planes Rocher and published by . This book was released on 2016 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Myth of Expansionary Fiscal Austerity written by and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently governments, economists, and international financial institutions have been debating the merits of further fiscal stimulus to combat the Great Recession versus fiscal austerity or “adjustmentâ€ŗ â€" that is, higher taxes and/or lower government spending â€" to combat budget deficits. Some supporters of austerity have gone as far as arguing that fiscal adjustment could restore economic growth. These analyses are being touted to oppose increased stimulus to boost the economy. This paper examines the arguments for austerity and demonstrates that current economic conditions in the United States do not support the case for fiscal adjustment.
Download or read book Austerity written by Bryan M. Evans and published by University of Toronto Press. This book was released on 2017-01-01 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bryan M. Evans, Stephen McBride, and their contributors delve further into the more practical, ground-level side of the austerity equation in Austerity: The Lived Experience. Economically, austerity policies cannot be seen to work in the way elite interests claim that they do. Rather than soften the blow of the economic and financial crisis of 2008 for ordinary citizens, policies of austerity slow growth and lead to increased inequality. While political consent for such policies may have been achieved, it was reached amidst significant levels of disaffection and strong opposition to the extremes of austerity. The authors build their analysis in three sections, looking alternatively at theoretical and ideological dimensions of the lived experience of austerity; how austerity plays out in various public sector occupations and policy domains; and the class dimensions of austerity. The result is a ground-breaking contribution to the study of austerity politics and policies.
Download or read book Money Well Spent written by Michael Grabell and published by PublicAffairs. This book was released on 2012-01-31 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2012 presidential campaign will, above all else, be a referendum on the Obama administration's handling of the financial crisis, recalling the period when Obama's "audacity of hope" met the austerity of reality. Central to this is the ''American Recovery and Reinvestment Act of 2009'' -- the largest economic recovery plan in American history. Senator Mitch McConnell gave a taste of the enormity of the money committed: if you had spent 1 million a day since Jesus was born, it still would not add up to the price tag of the stimulus package. A nearly entirely partisan piece of legislation -- Democrats voted for it, Republicans against -- the story of how the bill was passed and, more importantly, how the money was spent and to what effect, is known barely at all. Stepping outside the political fray, ProPublica's Michael Grabell offers a perceptive, balanced, and dramatic story of what happened to the tax payers' money, pursuing the big question through behind-the-scenes interviews and on-the-ground reporting in more than a dozen states across the country.
Download or read book Applied Macroeconomics for Public Policy written by Rafael Yanushevsky and published by Academic Press. This book was released on 2018-09-28 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: Applied Macroeconomics for Public Policy applies system and control theory approaches to macroeconomic problems. The book shows how to build simple and efficient macroeconomic models for policy analysis. By using these models, instead of complex multi-criteria models with uncertain parameters, readers will gain new certainty in macroeconomic decision-making. As high debt to GDP ratios cause problems in societies, this book provides insights on improving economies during and after economic downturns. Provides a detailed analysis of existing macroeconomic models Addresses the dynamics of debt to GDP ratio and the effects of fiscal and monetary policy on this ratio Shows how to use models to evaluate the dynamics of the debt to GDP ratio in cases of government spending and tax cuts and to decide whether such economic measures are efficient Uses optimal theory to obtain optimal yearly debt levels to reach the established goals (decrease debt or balance budget) Provides many examples and software exercises to promote learning by doing
