Austerity ― When It Works and When It Doesn`t
- ISBN13：9780691172217
- 出版社：Princeton Univ Pr
- 作者：Alberto Alesina; Carlo Favero and Francesco Giavazzi
- 裝訂／頁數：軟精／328頁
- 規格：24.1cm*15.9cm*2.5cm (高/寬/厚)
- 出版日：2019/02/05
商品簡介
A timely and incisive look at austerity measures that succeed—and those that don’t
Fiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-defeating. Supporters argue that budget deficits have to be tackled aggressively at all times and at all costs. In this masterful book, three of today’s leading policy experts cut through the political noise to demonstrate that there is not one type of austerity but many.
Looking at thousands of fiscal measures adopted by sixteen advanced economies since the late 1970s, Austerity assesses the relative effectiveness of tax increases and spending cuts at reducing debt. It shows that spending cuts have much smaller costs in terms of output losses than tax increases. Spending cuts can sometimes be associated with output gains in the case of expansionary austerity and are much more successful than tax increases at reducing the growth of debt. The authors also show that austerity is not necessarily the kiss of death for political careers as is often believed, and provide new insights into the recent cases of European austerity after the financial crisis.
Bringing needed clarity to one of today’s most challenging subjects, Austerity charts a sensible approach based on data analysis rather than ideology.
作者簡介
Alberto Alesina is the Nathaniel Ropes Professor of Political Economy at Harvard University. He is co-author of several books, most recently The Future of Europe: Reform or Decline (MIT, 2006), Fighting Poverty in the US and Europe: A World of Difference (Oxford, 2004), and The Size of Nations (MIT, 2003). He is also Director of the NBER Program in Political Economics.
Carlo Favero is the Deutsche Bank Chair in Asset Pricing and Quantitative Finance at Bocconi University, and Director of Bocconi’s Department of Finance. He is author of the textbook Applied Macroeconometrics (Oxford, 2001), and is a Fellow of the Centre for Economic Policy Research’s program in international macroeconomics.
Francesco Giavazzi is professor of economics at Bocconi University, and a visiting professor at MIT. He is co-author or editor of numerous books, including Europe and the Euro (Chicago, 2011), Macroeconomics: A European Perspective (Prentice-Hall, 2010), and The Future of Europe: Reform or Decline (MIT, 2006).
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