The Great Recession sparked wide interest in the economic effects of fiscal policy. That
interest is reflected in an ongoing debate over the size of the fiscal multiplier. This survey …

UK GDP per worker fell by almost 4% in the five years following Lehman's collapse in 2008,
something unprecedented in post‐war history. A possible reason for poor productivity is low …

Studies suggest that fiscal multipliers are currently high in many advanced economies. One
important implication is that fiscal tightening could raise the debt ratio in the short term, as …

Government budget deficits rose sharply in almost all major industrialised countries in the
aftermath of the global financial crisis. The associated Great Recession led to a sharp and …

The second part of the volume explores concrete case studies of austerity policies, focusing
on their differential gender impacts and policy alternatives across European countries. The …

In the long-run at the macro level, the real pay of workers tends to follow labour productivity.
In recent years, however, there have been concerns that this relationship has broken down …

* NIESR. E-mail: c. lenoel@ niesr. ac. uk. Thanks to Jagjit Chadha for helpful comments and
suggestions. We also thank Patricia Sanchez Juanino for compiling the database. Unless …

The euro was generally considered a success in its first decade. Nevertheless, the
“unanticipated” financial crisis in the summer of 2007 has developed gradually into the worst …

This paper considers 'unconventional'monetary stimulus and supply‐side reform as ways to
speed up UK recovery in the context of fiscal consolidation, drawing on the experience of the …

This paper explores the Labour government's fiscal policy performance at the
macroeconomic level. This analysis is in two halves. The first covers the period up until the …