IMF working paper critical of short-term austerity measures


A working paper published by the International Monetary Fund (IMF) on September 14 suggests that in a weak growth environment, the "safest policy" to deal with concerns about high levels of debt is to stimulate growth.

The authors, Reda Cherif and Fuad Hasanov, say during the past 30 years, deviations resulting from macroeconomic shocks are temporary, and the debt ratio in the US is expected to converge to its long-term average of about 40% of GDP. As such, reducing levels of debt should be seen

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