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The Grand Tour: Keynes and Goodwin go to Greece

Eduardo Haddad (), Natalia Q. Cotarelli, Thiago C. Simonato, Vinicius A. Vale and Jaqueline C. Visentin ()

No 2018_01, Working Papers, Department of Economics from University of São Paulo (FEA-USP)

Abstract: The impact of the crisis in the Greek economy was not uniform among the regions, threatening socioeconomic cohesion. In this paper, we explore the concept of the income multiplier in a multi-regional setting, in the context of the Greek recession, showing empirical evidence for the increasing magnitude of the multiplier during the recession period. The main results reveal a complex system of interregional relations on some of whose structural characteristics the cyclical reaction paths of the regions depends. In this case, the use of fiscal instruments to stimulate local activity in the regions may bring about important implications for regional inequality in Greece

Keywords: Keynesian multiplier; recessions; Greece; austerity policy; countercyclical regional policy (search for similar items in EconPapers)
JEL-codes: E12 E62 R11 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-geo, nep-mac and nep-pke
Date: 2018-02-06
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