Why ‘Austerity’ Failed in Greece: Testing the Validity of Macro-Economic Models

Frederick Betz
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Frederick Betz: Portland State University

Chapter Chapter 5 in Stability in International Finance, 2016, pp 79-94 from Springer

Abstract: Abstract Models have always been important to informed policy making. In the formulation of policy, models can provide information about the situation and the problem which a policy intends to address; and in the execution of policy, models can provide information about the consequences (and unintended consequences) of a policy. Models are used for the formulation and assessment of policies, as in Fig. 5.1. Each model has a specific form, specific dynamics, specific content, and specifically formatted data input and information output.

Keywords: Fiscal Policy; Macroeconomic Model; Sovereign Bond; Fiscal Crisis; International Monetary Fund Program (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1007/978-3-319-26760-9_5

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