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Erschienen in:
2020 | OriginalPaper | Buchkapitel
17. The Jury Is Out: Fiscal Multiplier vs. Financial Accelerator
verfasst von : Dr. Olli Rehn
Erschienen in: Walking the Highwire
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Abstract
The period when the Eurozone growth performance really started to weaken relative to the United States—the second half of 2011—coincides with a widening gap between the long-term interest rates of the Eurozone and the United States. Part of that is accounted for by the increase in the ECB policy rates. Eventually, a more important factor—the intensification of the euro area banking and debt crisis—caused a financial squeeze in the private sector. This corresponds to “the financial accelerator”, which is a concept developed by Ben Bernanke as a leading scholar of the Great Depression, long before becoming chairman of the US Federal Reserve.