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Debt and Growth Revisited

Economics has been under fire since the recent crisis for enshrining abstract models that offer little connection to the real world. In “Growth in a Time of Debt,” our data-intensive approach aims at providing stylized facts, well beyond selective anecdotal evidence, on the contemporaneous link between debt, growth, and inflation at a time in which…

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Major public debt reductions: Lessons from the past,lessons for the future ECB

The financial crisis of 2008/2009 has left European economies witha sizeable public debt stock bringing back the question what factorshelp to reduce these fiscal imbalances. Using data for the period 1985-2009 this paper identifies factors determining major public debt reduc-tions. On average, the total debt reduction per country amounted toalmost 37 percentage points of GDP.…

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