The macroeconomics of the Greek depression Gabriel Chodorow-Reich, Loukas Karabarbounis and Rohan Kekre
By: Chodorow Reich, Gabriel
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Contributor(s): Karabarbounis, Loukas | Kekre, Rohan.
Material type: 
ArticleSubject(s): CRISIS ECONOMICAS | RECESIONES ECONOMICAS | POLITICA FISCAL | AHORRO | SALARIOS | CONSUMO | GRECIA | ANALISIS MACROECONOMICO
In:
The American Economic Review v. 113, n. 9, September 2023, p. 2411-2457Summary: 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.
| Item type | Current location | Home library | Call number | Status | Date due | Barcode |
|---|---|---|---|---|---|---|
| Artículos | IEF | IEF | OP 234/2023/9-2 (Browse shelf) | Available | OP 234/2023/9-2 |
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.
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