Austerity in the Euro area: The sad state of economic policy in Germany and the EU
The Euro area is currently going through its worst period of recession and economic stagnation since the Great Depression and World War II. The article tries to give an impression of the extraordinary degree of fiscal austerity and the devastating economic effects it has already had and must be expected to have in the near future. In addition it is argued that both the lack of economic justification and the devastating consequences of the fiscal policies currently executed should have been absolutely obvious even from a mainstream perspective. Therefore the sad state of economic policies in the Euro area is that it did not even follow moderate mainstream proposals but instead seemed to rely on radical and outdated theoretical or purely ideological foundations. Germany as the most economically and politically influential member state of the Euro area seems to be most infected by such radical ideas.
|Date of creation:||2013|
|Date of revision:|
|Contact details of provider:|| Web page: http://www.ipe-berlin.org/|
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- repec:thk:rnotes:3 is not listed on IDEAS
- Francesco Giavazzi & Marco Pagano, 1990.
"Can Severe Fiscal Contractions Be Expansionary? Tales of Two Small European Countries,"
in: NBER Macroeconomics Annual 1990, Volume 5, pages 75-122
National Bureau of Economic Research, Inc.
- Francesco Giavazzi & Marco Pagano, 1990. "Can Severe Fiscal Contractions be Expansionary? Tales of Two Small European Countries," NBER Working Papers 3372, National Bureau of Economic Research, Inc.
- Francesco Giavazzi & Marco Pagano, 1990. "Can Severe Fiscal Contractions Be Expansionary? Tales of two Small Euopean Countries," Working Papers 89, Dipartimento Scienze Economiche, Universita' di Bologna.
- Giavazzi, Francesco & Pagano, Marco, 1990. "Can Severe Fiscal Contractions Be Expansionary? Tales of Two Small European Countries," CEPR Discussion Papers 417, C.E.P.R. Discussion Papers.
- Alan J. Auerbach & Yuriy Gorodnichenko, 2011.
"Fiscal Multipliers in Recession and Expansion,"
NBER Working Papers
17447, National Bureau of Economic Research, Inc.
- Philip Arestis & Malcolm Sawyer, 2003.
"Reinventing Fiscal Policy,"
General Economics and Teaching
- Sebastian Gechert & Henner Will, 2012. "Fiscal Multipliers: A Meta Regression Analysis," IMK Working Paper 97-2012, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
- Felderer, Bernhard & Homburg, Stefan, 2005. "Makroökonomik und neue Makroökonomik," EconStor Books, ZBW - German National Library of Economics, number 92556.
- J. Bradford DeLong & Lawrence H. Summers, 2012. "Fiscal Policy in a Depressed Economy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 44(1 (Spring), pages 233-297.
- Barro, Robert J., 1974.
"Are Government Bonds Net Wealth?,"
3451399, Harvard University Department of Economics.
- Reinhart, Carmen M. & Rogoff, Kenneth S., 2010.
"Growth in a Time of Debt,"
11129154, Harvard University Department of Economics.
- Thomas Herndon & Michael Ash & Robert Pollin, 2013. "Does High Public Debt Consistently Stifle Economic Growth? A Critique of Reinhart and Rogo ff," Working Papers wp322, Political Economy Research Institute, University of Massachusetts at Amherst.
- Daniel Leigh & Andrea Pescatori & Jaime Guajardo, 2011. "Expansionary Austerity New International Evidence," IMF Working Papers 11/158, International Monetary Fund.
- Giovanni Callegari & Giovanni Melina & Nicoletta Batini, 2012. "Successful Austerity in the United States, Europe and Japan," IMF Working Papers 12/190, International Monetary Fund.
- Michael Kumhof & Dirk Muir & Carlos de Resende & Jan in â€˜t Veld & RenÃ© Lalonde & Davide Furceri & Annabelle Mourougane & John Roberts & Stephen Snudden & Mathias Trabandt & GÃ¼nter Coenen & Susanna, 2010.
"Effects of Fiscal Stimulus in Structural Models,"
IMF Working Papers
10/73, International Monetary Fund.
- G�nter Coenen & Christopher J. Erceg & Charles Freedman & Davide Furceri & Michael Kumhof & Ren� Lalonde & Douglas Laxton & Jesper Lind� & Annabelle Mourougane & Dirk Muir & Susanna Mursula & Carlos d, 2012. "Effects of Fiscal Stimulus in Structural Models," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(1), pages 22-68, January.
- Jérôme Creel & Éric Heyer & Mathieu Plane, 2011.
"Petit précis de politique budgétaire par tous les temps. Les multiplicateurs budgétaires au cours du cycle,"
Revue de l'OFCE,
Presses de Sciences-Po, vol. 0(1), pages 61-88.
- Jérôme Creel & Eric Heyer & Mathieu Plane, 2011. "Petit précis de politique budgétaire par tous les temps : les multiplicateurs budgétaires au cours du cycle," Sciences Po publications info:hdl:2441/5l6uh8ogmqi, Sciences Po.
- Anja Baum & Marcos Poplawski-Ribeiro & Anke Weber, 2012. "Fiscal Multipliers and the State of the Economy," IMF Working Papers 12/286, International Monetary Fund.
- Willi Leibfritz & Rolf H. Dumke & Albert Müller & Wolfgang Ochel & Michael Reutter & Frank Westermann, 2001. "Finanzpolitik im Spannungsfeld des europäischen Stabilitäts- und Wachstumspaktes : zwischen gesamtwirtschaftlichen Erfordernissen und wirtschafts- und finanzpolitischem Handlungsbedarf," ifo Beiträge zur Wirtschaftsforschung, Ifo Institute for Economic Research at the University of Munich, number 5.
When requesting a correction, please mention this item's handle: RePEc:zbw:ipewps:222013. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics)
If references are entirely missing, you can add them using this form.