Sovereign Debt and the Euro-zone.

In the Spring of 2010, governments around Europe began announcing and preparing fiscal austerity measures to address budget and structural deficits. These plans for austerity measures owe their prompt formulation to the Greek debt crisis,…


A New Defense of Fiscal Policy

Two important causes of the recent financial crisis were the increasing amount of debt assumed by consumers and the excessive leverage of banks and other financial institutions.  During the decade before the crisis, rates were…