Long Term Impacts of Austerity Measures
This set of lecture notes cites a bunch of great studies.

Effectively, this lecture said that fiscal consolidation (austerity) might have been expansionary (good). The Federal Reserve, however says:


  fiscal consolidation is not likely to be expansionary today.


The deciding factor seems to be whether Monetary Policy can offset short-term effects, thogh the Fed goes on to close with:


  In summary, economists have not definitively answered the question of whether and when austerity is likely to be beneficial. Much of the debate ignores the question of whether implementing austerity is feasible in nations with nonexistent records of long-run fiscal consolidation or that rely on foreign sources of deficit financing. The economic volatility of recent years provides a ripe area of future study regarding the true effects of fiscal contractions.


Or, "We'll see..."