How costly is inflation to workers? Answers to this question have focused on the path of real
wages during inflationary periods. We argue that workers must take costly actions (“conflict”) …

Despite a formal 'no-bailout clause', we estimate significant net present value transfers from
the European Union to Cyprus, Greece, Ireland, Portugal and Spain, ranging from roughly …

We derive an options-pricing formula from recursive preferences and estimate rare disaster
probability. The new options-pricing formula applies to far out-of-the-money put options on …

On the eve of its sovereign debt crisis in 2010, Greece initiated a large fiscal consolidation
program. By 2015, official GDP had fallen to 26% below its 2009 level. We feed the actual …

This paper studies the Greek sovereign debt crisis in the aftermath of the 2007-8 global
financial crisis looking for barriers to, and engines of, growth. The vehicle is a calibrated …

We study crises characterized by large adjustments of aggregate consumption through their
microlevel patterns. We document the cross-sectional patterns of consumption adjustment …

Using a microfounded macroeconomic model that embeds the key features of the Greek
economy, we study the efficacy of the various policy measures taken, at national and …

We examine how competition affects VAT pass-through in isolated oligopolistic markets as
defined by the Greek islands. Using daily gasoline prices and a difference-in-differences …

This paper develops estimates of TFP growth adjusted for movements in unobserved factor
utilization for a panel of 29 countries and up to 37 years. When factor utilization changes are …

Medicinal and Aromatic Plants (MAPs) play a critical role in providing ecosystem services
through their provision of herbal remedies, food and natural skin care products, their …