Austerity: when it works and when it doesn't

La austeridad fiscal es un tema con muchos partidarios y detractores. Los primeros argumentan que el déficit presupuestario debe ser abordado de forma tajante y en cualquier circunstancia. Los segundos dicen que puede ser contraproducente. Los autores del libro defienden que hay muchos tipos o grados de austeridad. Sostienen la eficacia de las subidas de impuestos y de los recortes de gasto para reducir la deuda, fundamentado con un exhaustivo análisis de datos.

Introduction. Austerity ; Four contributions of this book ; The punchline in a nutshell -- Theory. The simple Keynesian model ; The future ; Confidence and uncertainty ; Austerity and the business cycle ; Multiyear plans ; Incentives and the supply side ; Accompanying policies -- Expansionary and recessionary austerity up to the financial crisis of 2008. Expansionary austerity ; Recessionary austerity -- Measuring the effects of fiscal policy. The empirical evidence ; Multipliers during austerity: the early literature ; The narrative approach -- Fiscal plans. Constructing fiscal plans ; Measuring the effects of fiscal plans -- The data. Introduction: A broad look at our data ; The data in more detail ; Other data and sources -- The effects of austerity. Taxes versus expenditures ; The role of accompanying policies ; An alternative specification ; Why do EB and TB plans have different effects? -- 8 European austerity during the great recession. Europe in the aftermath of the financial crisis -- European austerity ; Evaluating European austerity in 2010-14 ; The Greek tragedy ; Did fiscal multipliers change after the crisis? -- When austerity? Fiscal policy in booms and recessions ;…