Events
Seminar
The Multiplier Debate and the Eurozone Crisis
Speaker
Joshua Felman, International Monetary FundEvent date
गुरू, 23 जूनVenue
Ground Floor, Conference Hall, R&T building, NIPFPAbstract
In a famous paper, Blanchard and Leigh (2013) discovered that there was a strong link between fiscal consolidation projected in Spring 2010 and subsequent growth forecast errors. They interpreted this link as indicating that forecasters had used multipliers that were far too low. This paper argues that this interpretation was not correct. The real problem was that forecasters failed to foresee the euro area crisis.
Schedule