„Europe has embraced austerity but financial markets still worry about debt sustainability – at least in part due to slow growth that has been associated with fiscal belt-tightening.
Is austerity self-defeating? Is it keeping Europeans underemployed for years and thus destroying the medium-run growth needed to pay off the debt? Or are the belt-tighteners wisely steering their nations clear of Greek-like tragedies?
The questions for debate are simple:
- Should governments let up on austerity now that the global economy is weak but credibility on fiscal sustainability is far from granted?
- And under what circumstances would be wise to do so?“
Has austerity gone too far? A new Vox Debate
Fiscal consolidation: Too much of a good thing?
John Van Reenen
Fiscal austerity and policy credibility
Marco Buti, Lucio R Pench
The austerity debate: Make haste slowly
Too early to sound the alarm
Manfred J M Neumann
Spending cuts to improve confidence? No, the arithmetic goes the wrong way
J. Bradford DeLong
The austerity question: ‘How’ is as important as ‘how much’
Alberto Alesina, Francesco Giavazzi
Wer sich für die gegenwärtige Politik des Internationalen Währungsfonds (IWF) interessiert, dem seien die Analysen und Kommentare des derzeitigen Chefökonomen des IWF, Olivier Blanchard, wärmstens empfohlen. Blanchard ist einer der renommiertesten Ökonomen unserer Zeit.
Olivier Blanchard is the IMF’s Chief Economist (Economic Counsellor and Director, Research Department) and Professor of Economics at MIT, having taught previously at Harvard. His research interests are in macroeconomics, including a wide set of issues that range from the role of monetary policy to the nature of speculative bubbles, to the nature of the labour market and the determinants of unemployment, to transition in former communist countries. He is the author of many books and articles, including two textbooks in macroeconomics, one at the graduate level with Stanley Fischer and one at the undergraduate level. He is a Fellow and Council member of the Econometric Society, a past vice president of the American Economic Association, a member of the American Academy of Sciences, and a member of the French Economic Advisory Council to the French Prime Minister. He obtained his PhD in Economics from MIT in 1977.
Recent articles by Olivier Blanchard
- Lessons from Latvia
- The logic and fairness of Greece’s programme
- Blanchard on 2011’s four hard truths
- The future of macroeconomic policy: Nine tentative conclusions
- The state of the world economy
- The two rebalancing acts
- Ten commandments for fiscal adjustment in advanced economies
- Rethinking macro policy
- The price of oil and the macroeconomy
- Fiscal Policy for the Crisis
- Fixing France’s job market
- The ECB’s path not taken
- The divergent paths of the US and Europe