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Getting Out of the Recession?

Listed author(s):
  • Gennaro Zezza

Research Scholar Gennaro Zezza updates the Levy Institute’s previous Strategic Analysis (December 2009) and finds that the 2009 increase in public sector aggregate demand was a result of the fiscal stimulus, without which the recession would have been much deeper. He confirms that strong policy action is required to achieve full employment in the medium term, including a persistently high government deficit in the short term. This implies a growing public debt, which is sustainable as long as interest rates are kept at the current low level. The alternative is an ongoing unemployment rate above 10 percent that would represent a higher cost to future generations.

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File URL: http://www.levyinstitute.org/pubs/sa_mar_10.pdf
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Paper provided by Levy Economics Institute in its series Economics Strategic Analysis Archive with number sa_mar_10.

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Date of creation: Mar 2010
Handle: RePEc:lev:levysa:sa_mar_10
Contact details of provider: Web page: http://www.levyinstitute.org

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