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- Mr. Alberto Alesina & Gabriele Ciminelli & Davide Furceri & Giorgio Saponaro (2021): Austerity and Elections
Conventional wisdom holds that voters punish governments that implement fiscal austerity. Yet, most empirical studies, which rely on ex-post yearly austerity measures, do not find supportive evidence. ... An austerity package worth 1% of GDP, carried out mostly through tax hikes, reduces the vote share of the leader’s party by about 7%. In contrast, expenditure-based austerity is detrimental for left- but beneficial for right-leaning governments. We also find that the electoral cost of austerity—especially tax hikes—can be contained if it is implemented during good economic times.
RePEc:imf:imfwpa:2021/121 Save to MyIDEAS - Abdul Jalil (2021): Austerity: Which Way Now?
Austerity, during the global financial crisis, was the rubric used to define the highly contractionary policies at the cost of domestic social and infrastructural needs (see Varoufakis, 2017). Economies with high fiscal deficits and high debt to GDP ratios are often pushed to adopt austerity IMF programmes (see Box 1 and 2, Alesina, et al. (2019).
RePEc:pid:kbrief:2021:21 Save to MyIDEAS - Favero, Carlo A. & Giavazzi, Francesco & Alesina, Alberto (2018): What do we know about the effects of austerity?
This paper summarizes the results of a large recent literature on multi year fiscal plans for deficit reduction (austerity).
RePEc:cpr:ceprdp:12655 Save to MyIDEAS - Minas Samatas (2015): “Austerity Surveillance” in Greece under the Austerity Regime (2010−2014)
In this article we have tried to analyze “austerity surveillance” (AS), its features, and its functions under the extreme austerity regime in Greece during 2010−2014, before the election of the leftist government. ... We provide empirical evidence of these features and functions, including some indicative personal testimonies of austerity surveillance subjects.
RePEc:cog:meanco:v:3:y:2015:i:3:p:68-80 Save to MyIDEAS - Minas Samatas (2015): “Austerity Surveillance” in Greece under the Austerity Regime (2010−2014)
In this article we have tried to analyze “austerity surveillance” (AS), its features, and its functions under the extreme austerity regime in Greece during 2010−2014, before the election of the leftist government. ... We provide empirical evidence of these features and functions, including some indicative personal testimonies of austerity surveillance subjects.
RePEc:cog:meanco:v3:y:2015:i:3:p:68-80 Save to MyIDEAS - P. K. Rao (2015): Economics of Austerity
The economics of austerity and its applications in devising government austerity policy remain among the most oversold and misused approaches so far. ... The narrow usage of neoclassical economics accounts for a large element of advocacy of large scale government austerity, and warrants a comprehensive revision of relevant approaches for win-win rather than lose-lose proposals.
RePEc:spr:spbchp:978-3-319-04235-0_3 Save to MyIDEAS - Konzelmann, S. (2012): The Economics of Austerity
The 2007/8 financial crisis has reignited the debate about austerity economics and revealed that it is a highly contested yet poorly understood idea. ... As capitalism evolved, so did ideas and theories about the economics of austerity. ... From this perspective, austerity was the policy prescription for the top of the business cycle, to prevent the economy from over-heating and igniting inflation. ... In the aftermath of the 2007/8 financial crisis, however, austerity no longer has the economic objective of macroeconomic stabilization. ... However, if austerity undermines economic growth - as it is doing at present - markets are unlikely to remain loyal to those countries suffering the effect.
RePEc:cbr:cbrwps:wp434 Save to MyIDEAS - Anzoategui, Diego (2022): Sovereign spreads and the effects of fiscal austerity
I analyze the impact of austerity on sovereign spreads. ... I first study theoretical implications and find that austerity can increase sovereign spreads, or be self-defeating, only when the decrease in government spending is persistent and the economy is expected to be in a recession with high fiscal multipliers. I then calibrate the model and use it to predict what would have happened to spreads and economic activity if Spain had continued to follow its pre-2010 fiscal rule instead of switching to the austerity track. I find that, relative to the counter-factual, austerity decreased sovereign spreads and debt-to-GDP ratios. Overall, I find that the likelihood of self-defeating austerities depends on the magnitude of fiscal multipliers and fiscal policy, but it is generally low.
RePEc:eee:inecon:v:139:y:2022:i:c:s0022199622000903 Save to MyIDEAS - Bill Dunn (2014): Making sense of austerity: The rationality in an irrational system
This article understands contemporary austerity through historical comparisons informed by Marxist insights into the nature of the state. It argues that austerity policies make sense from the perspective of capital–labour, inter-capitalist and international competition. Differences among states over time, in terms of their size and international situation and contested domestic relations, produce varied imperatives towards austerity and prospects of effective resistance.
RePEc:sae:ecolab:v:25:y:2014:i:3:p:417-434 Save to MyIDEAS - Sheila C Dow (2015): The role of belief in the case for austerity policies
Mainstream economists give the misleading impression that their argument for austerity is purely technical and indeed the most ‘scientific’. ... The widespread belief in austerity policies as scientifically justified has prevented arguments against austerity gaining more traction; issues of ideology, power and ethics need to be brought to the fore as part of the arguments on both sides. ... The critique of austerity policies would therefore be strengthened by a critique of the mainstream’s rhetorical (mis)representation of economic theorising.
RePEc:sae:ecolab:v:26:y:2015:i:1:p:29-42 Save to MyIDEAS