Policy Research in Macroeconomics

Lessons from German History

April 2015

In this latest PRIME publication, Geoff Tily argues that parallels between events in Greece today and Germany in the 1920s go much further than commonly understood, and the policy implications are more far-reaching.  Economic crisis in both countries originated in financial liberalizations, involving the gold standard in the 1920s and the euro in the 2000s. Austerity was imposed by external authority.  In Germany, after immense suffering but in fact before (if only briefly before) Hitler came to power, austerity was eventually rejected.

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