Martin, Philippe; PHILIPPON, Thomas - National Bureau of Economic Research (NBER) - 2014
We provide a comprehensive account of the dynamics of eurozone countries from 2000 to 2012. We analyze private leverage … government spending, and sudden stops. We then ask how eurozone countries would have fared with different policies. We find that …, fiscal policy, labor costs and interest rates and we propose a strategy to separate the impact of credit cycles, excessive …