Chodorow Reich, Gabriel
The macroeconomics of the Greek depression / Gabriel Chodorow-Reich, Loukas Karabarbounis and Rohan Kekre
Resumen.
Bibliografía.
Greece experienced a boom until 2007, followed by a collapse of unprecedented magnitude and persistence. We assess the sources of the boom and the bust, using a rich estimated dynamic general equilibrium model. External demand and government consumption fueled the boom in production, whereas transfers fueled the boom in consumption. Different from the standard narrative, wages and prices declined substantially during the bust. Tax policy accounts for the largest fraction of the bust in production, whereas uninsurable risk accounts for the bust in consumption and wages. We assess how the composition of fiscal adjustment and bailouts affected the crisis.
CRISIS ECONOMICAS
RECESIONES ECONOMICAS
POLITICA FISCAL
AHORRO
SALARIOS
CONSUMO
GRECIA
ANALISIS MACROECONOMICO
Karabarbounis, Loukas
Kekre, Rohan
The American Economic Review 0002-8282 v. 113, n. 9, September 2023, p. 2411-2457
The macroeconomics of the Greek depression / Gabriel Chodorow-Reich, Loukas Karabarbounis and Rohan Kekre
Resumen.
Bibliografía.
Greece experienced a boom until 2007, followed by a collapse of unprecedented magnitude and persistence. We assess the sources of the boom and the bust, using a rich estimated dynamic general equilibrium model. External demand and government consumption fueled the boom in production, whereas transfers fueled the boom in consumption. Different from the standard narrative, wages and prices declined substantially during the bust. Tax policy accounts for the largest fraction of the bust in production, whereas uninsurable risk accounts for the bust in consumption and wages. We assess how the composition of fiscal adjustment and bailouts affected the crisis.
CRISIS ECONOMICAS
RECESIONES ECONOMICAS
POLITICA FISCAL
AHORRO
SALARIOS
CONSUMO
GRECIA
ANALISIS MACROECONOMICO
Karabarbounis, Loukas
Kekre, Rohan
The American Economic Review 0002-8282 v. 113, n. 9, September 2023, p. 2411-2457