NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Saving Europe?: The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies

Enrique G. Mendoza, Linda L. Tesar, Jing Zhang

NBER Working Paper No. 20200
Issued in June 2014

---- Acknowledgements -----

We are grateful for the support of the SAFE center at Goethe University under a grant of its program on "Austerity and Economic Growth: Concepts for Europe." Tesar also gratefully acknowledges the Isle de France di Marco Foundation and the Paris School of Economics for their support during the early phases of the project. Christian Proebsting provided excellent research assistance. We are grateful to Philippe Bacchetta, Chris House, Harald Uhlig, and seminar participants at USC, Bilkent University, Indiana University, McGill University and Ohio State, and conference participants at the ECB's Global Research Forum on International Macroeconomics and Finance, the Dec. 2013 NBER Macro within and across Borders Conference, and the 2013 CIREQ-ENSAI Dynamic Macro Workshop for helpful comments and suggestions. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Chicago, the Federal Reserve System, or the National Bureau of Economic Research.

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