Economic Policies during the 'Great Recession' in the United States and the European Union: A Comparative and Critical View

Vittorio Valli ()

Annals of the Fondazione Luigi Einaudi. An Interdisciplinary Journal of Economics, History and Political Science, 2017, vol. 51, issue 2, 159-181

Abstract: The paper analyzes the main structural features and the different responses to the recent ‘great recession’ in the United States and the European Union. In the crucial years 2008-2010 the United States used a combination of expansionary monetary and fiscal Keynesian policies and a rather vigorous industrial and innovation policy. The European Union, constrained by its austerity bias and by strict EU rules, followed a fully anti-Keynesian policy and this contributed to a longer and deeper recession, particularly in the most financially vulnerable countries. However, in both areas the recession had been also fuelled by long-standing problems, which were exacerbated by weak institutional features and economic policy errors.

Keywords: US Economy; EU Economy; Comparison US-EU; The Great Recession 2008-14; Economic policy (search for similar items in EconPapers)
JEL-codes: E63 O51 O52 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:fle:journl:v:51:y:2017:i:2:p:159-181

DOI: 10.26331/1020

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