fbpx Fiscal adjustments: lessons from recent history | Harvard Kennedy School

Additional Authors:

  • Alberto Alesina


Fiscal adjustments: lessons from recent history. Alberto Alesina, April 2010, Paper. "In the aftermath of the Great Recession, many OECD countries now need to reduce large public sector deficits and debts. This is not the first time that the “world” faces this problem. It happened in an even more dramatic fashion in the past century after the first and second world wars. In the first case, several episodes of large inflation (e.g. France) or hyperinflation (e.g. Austria Germany Hungary) wiped out the debts partly or completely, and in other cases..." Link