000			01760nab#a2200313#c#4500
999			_c34301 _d34301
003			IEF
005			20221026183712.0
008			170803s2017 USA|| #####0 b|ENG|u
040			_aIEF _cES-MaBCM
041			_aENG
100	1		_aMartin, Philippe _928187
245			_aInspecting the mechanism _bleverage and the Great Recession in the Eurozone _c by Philippe Martin and Thomas Philippon
260			_c2017
500			_aDisponible también en línea a través de la Biblioteca del Instituto de Estudios Fiscales. Resumen. Bibliografía.
520			_aWe provide a comprehensive account of the dynamics of eurozone countries from 2000 to 2012. We analyze private leverage, fiscalpolicy, labor costs, and spreads, and we propose a model and an identification strategy to separate the impact of credit cycles,excessive government spending, and sudden stops. We then ask how periphery countries would have fared with different policies. We find that countries could have stabilized their employment if they had followed more conservative fiscal policies during the boom. Macroprudential policies and an early intervention by the centralbank to prevent market segmentation andreduce fiscal austerity would also have significantly reduced the recession.
650		4	_aRECESIONES ECONOMICAS _948198
650		4	_aPOLITICA FISCAL _948067
650		4	_aPOLITICA DE GASTO PUBLICO _948053
650		4	_aPOLITICA LABORAL _948065
650		4	_aEMPLEO _943494
650		4	_aCICLOS ECONOMICOS _934579
650		4	_aUNION EUROPEA _948644
650		4	_aMODELOS ECONOMETRICOS _947776
700	1		_aPhilippon, Thomas _954002
773	0		_tThe American Economic Review _gv. 107, n. 7, July 2017, p. 1904-1937
942			_cART _2udc
942			_2udc