{"product_id":"austerity-when-it-works-and-when-it-doesnt-9780691172217","title":"Austerity: When It Works and When It Doesn't","description":"\u003cp\u003e\u003cb\u003eA timely and incisive look at austerity measures that succeed--and those that don't\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003eFiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-defeating. Supporters argue that budget deficits have to be tackled aggressively at all times and at all costs. In this masterful book, three of today's leading policy experts cut through the political noise to demonstrate that there is not one type of austerity but many. \u003cp\u003e\u003c\/p\u003eLooking at thousands of fiscal measures adopted by sixteen advanced economies since the late 1970s, \u003ci\u003eAusterity\u003c\/i\u003e assesses the relative effectiveness of tax increases and spending cuts at reducing debt. It shows that spending cuts have much smaller costs in terms of output losses than tax increases. Spending cuts can sometimes be associated with output gains in the case of expansionary austerity and are much more successful than tax increases at reducing the growth of debt. The authors also show that austerity is not necessarily the kiss of death for political careers as is often believed, and provide new insights into the recent cases of European austerity after the financial crisis. \u003cp\u003e\u003c\/p\u003eBringing needed clarity to one of today's most challenging subjects, \u003ci\u003eAusterity\u003c\/i\u003e charts a sensible approach based on data analysis rather than ideology.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAbout the Author\u003c\/b\u003e\u003cbr\u003e\u003cb\u003eAlberto Alesina \u003c\/b\u003e(1957-2020) was the Nathaniel Ropes Professor of Political Economy at Harvard University. He is the author, with Francesco Giavazzi, of \u003ci\u003eThe Future of Europe: Reform or Decline\u003c\/i\u003e. \u003cb\u003eCarlo Favero\u003c\/b\u003e is the Deutsche Bank Chair in Quantitative Finance and Asset Pricing at Bocconi University in Italy. He is the author of \u003ci\u003eApplied Macroeconometrics\u003c\/i\u003e. \u003cb\u003eFrancesco Giavazzi\u003c\/b\u003e is professor of economics at Bocconi University.\u003cbr\u003e","brand":"Princeton University Press","offers":[{"title":"Default Title","offer_id":50327237918994,"sku":"9780691172217","price":38.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0831\/4771\/8930\/files\/img_de317d7a-2d74-4d6a-aa95-38cd8117ba68.jpg?v=1727711655","url":"https:\/\/surprise-castle.myshopify.com\/products\/austerity-when-it-works-and-when-it-doesnt-9780691172217","provider":"Surprise Castle","version":"1.0","type":"link"}