Is the Greek Crisis One of Supply or Demand?
分析希腊自1981年加入欧盟以来的供给问题，以及紧缩和减薪导致的需求收缩，探讨产品市场和劳动力市场改革的影响，主张欧元区政策应帮助希腊复苏并将改革与债务减免挂钩。
Greece’s “supply” problems have been present since its accession to the European Union in 1981; the “demand” problems caused by austerity and wage cuts have compounded the structural problems. This paper discusses the severity of the demand contraction, examines product market reforms, many of which have not been implemented, and their potential impact on competitiveness and the economy, and labor market reforms, many of which have been implemented but due to their timing have contributed to the collapse of demand. The paper argues in favor of eurozone-wide policies that would help Greece recover and of linking reforms with debt relief.