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Front-Loaded Stimulus, Back-Loaded Austerity: The Optimal Fiscal Austerity Path and the Risks of Other Routes
By Nouriel Roubini
The fiscal stimulus implemented by numerous countries during the global recession was a significant factor in warding off further economic decline. However, the stimulus inevitably led to large fiscal deficits in most advanced economies and, in turn, to programs of severe fiscal consolidation.
The question is, how[...]