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Economic Policies during the 'Great Recession' in the United States and the European Union: A Comparative and Critical View

Author

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  • Vittorio Valli

    (Dipartimento di Economia e Statistica “Cognetti de Martiis”, Università di Torino)

Abstract

The paper analyzes the main structural features and the different responses to the recent ‘great recession’ in the United States and the European Union. In the crucial years 2008-2010 the United States used a combination of expansionary monetary and fiscal Keynesian policies and a rather vigorous industrial and innovation policy. The European Union, constrained by its austerity bias and by strict EU rules, followed a fully anti-Keynesian policy and this contributed to a longer and deeper recession, particularly in the most financially vulnerable countries. However, in both areas the recession had been also fuelled by long-standing problems, which were exacerbated by weak institutional features and economic policy errors.

Suggested Citation

  • Vittorio Valli, 2017. "Economic Policies during the 'Great Recession' in the United States and the European Union: A Comparative and Critical View," Annals of the Fondazione Luigi Einaudi. An Interdisciplinary Journal of Economics, History and Political Science, Fondazione Luigi Einaudi, Torino (Italy), vol. 51(2), pages 159-181, December.
    • Handle: RePEc:fle:journl:v:51:y:2017:i:2:p:159-181
    DOI: 10.26331/1020
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    Cited by:

    1. Vittorio Valli, 2021. "Riflessioni sull'economia. Per uno sviluppo inclusivo e sostenibile (Reflections on political economy. For an inclusive and sustainable development)," Moneta e Credito, Economia civile, vol. 74(296), pages 301-332.

    More about this item

    Keywords

    US Economy; EU Economy; Comparison US-EU; The Great Recession 2008-14; Economic policy;
    All these keywords.

    JEL classification:

    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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