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The 2008 financial crisis triggered the debt crisis in Europe. High debt-to-GDP ratios made it impossible for some countries to apply countercyclical policy in order to overcome the recession. As a result, highly indebted countries were forced to apply austerity measures to avoid sovereign...
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The stability of the labour income share has been regarded as a key component of modern macroeconomic analysis. However, a number of recent studies have challenged this apparent stability, documenting a global decline of the labour share. This paper assesses the developments in the non-housing...
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