Book notes: Austerity, by Alberto Alesina, Carlo Favero and Francesco Giavazzi

Austerity, by Alberto Alesina, Carlo Favero and Francesco Giavazzi

Alberto Alesina, Carlo Favero and Francesco Giavazzi, Austerity: when it works and when it doesn’t, Princeton University Press, 2020, 296 pages

Neither the authors nor the publisher could have expected how topical this book would turn out to be. It is, as the ‘acknowledgments’ make clear, part of a stream of work that started with a 1990 paper by Francesco Giavazzi. But the Covid-19 virus has forced the subject on our attention. It has led to an almost worldwide increase in budget deficits and

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