| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13762 |
| DP13762 The Macroeconomics of the Greek Depression | |
| Gabriel Chodorow-Reich; Loukas Karabarbounis; Rohan Kekre | |
| 发表日期 | 2019-05-28 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | The Greek economy experienced a boom until 2007, followed by a decade-long collapse with magnitude and persistence that have no precedent among modern developed economies. We assess quantitatively the sources of the boom and bust and the role of policies in an estimated dynamic general equilibrium model with heterogeneous households and multiple production, banking, government, and external sectors. Demand from the rest of the world and the government fueled the boom in production, whereas realized and anticipated transfers fueled the boom in consumption. Contractionary tax policies, amplified by a decline in factor utilization and financial frictions, account for the largest fraction of the bust in production, whereas the rise of uninsurable idiosyncratic risk accounts for the largest fraction of the bust in consumption, decline in prices, and the sudden stop of capital flows. Fiscal policy amplified the depression by concentrating the burden of adjustment on taxes instead of spending and by raising the fraction of taxes that firms prepay before revenues are realized. By contrast, equity injections to banks mitigated the depression by lowering the cost of borrowing. |
| 主题 | International Macroeconomics and Finance ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Greek depression Productivity Fiscal policy Financial markets |
| URL | https://cepr.org/publications/dp13762-1 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542627 |
| 推荐引用方式 GB/T 7714 | Gabriel Chodorow-Reich,Loukas Karabarbounis,Rohan Kekre. DP13762 The Macroeconomics of the Greek Depression. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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