1.Â Â Â Evaluate the effects of an austerity
fiscal programme in a situation when a government is running
negative primary deficits, the nominal interest rate is close to
zero, the real GDP is growing, after a period of a prolonged
recession and the inflation rate is close to zero.
2.Â Â Â Discuss how your answer may change if the country falls into a deflationary spiral. Â
3.Â Â Â Briefly discuss Fisherâ€™s Debt-Deflation hypothesis and the Post-Keynesian development
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