This paper discusses, from a theoretical perspective, the literature on the expansionistic effects of fiscal consolidations. We have analysed the question in the framework of the truly Keynesian setting, of an IS-LM model extended to allow for the term structure of interest rates, and of the...

The article analyses the rise in household indebtedness from the point of view of its causes and long-run macroeconomic implications. The analysis is focussed on the US case. Differently from life-cycle interpretations of the phenomenon, and from interpretations in terms of erratic deviations of...