| 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 prolonged depression resulting in a 25 percent shortfall of GDP by 2016. Informed by a detailed analysis of macroeconomic patterns in Greece, we estimate a rich dynamic general equilibrium model to assess quantitatively the sources of the boom and bust. Lower external demand for traded goods and contractionary fiscal policies account for the largest fraction of the Greek depression. A decline in total factor productivity, due primarily to lower factor utilization, substantially amplifies the depression. Given the significant adjustment of prices and wages observed throughout the cycle, a nominal devaluation would only have short-lived stabilizing effects. By contrast, shifting the burden of adjustment away from taxes toward spending or away from capital taxes toward other taxes would generate longer-term production and consumption gains. Eliminating the rise in transfers to households during the boom would significantly reduce the burden of tax adjustment in the bust and the magnitude of the depression. |
| 主题 | International Macroeconomics and Finance ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Greek depression Productivity Nominal rigidity Fiscal policy Taxes |
| URL | https://cepr.org/publications/dp13762-0 |
| 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/542628 |
| 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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