Why historical perspectives on austerity can mislead if macroeconomic relations are ignored

Tily, G. (2016). Why historical perspectives on austerity can mislead if macroeconomic relations are ignored.
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In a recent article, Christopher Hood and Rozana Himaz put the recent era of austerity into historical perspective. Here, Geoff Tily offers a different analysis of the data, and argues that macroeconomic relations must also be taken into account.

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