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Implementing the New Fiscal Policy Activism

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  • Alan J. Auerbach

Abstract

To many observers, the current recession provides compelling circumstances for renewed fiscal policy activism. But the strong support for fiscal policy intervention reflects a renewed belief in policy activism that had already appeared before the present crisis. However, the recent debate about possible fiscal policy interventions suggests that we are still relying on the approaches to discretionary policy used in past periods of policy activism. It is not surprising that there have been few advances in discretionary policy design, given the lack of favor such policy suffered over many years. But if we are going to practice fiscal discretionary policy on a large scale, then more attention to policy design is sorely needed.

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Bibliographic Info

Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 99 (2009)
Issue (Month): 2 (May)
Pages: 543-49

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Handle: RePEc:aea:aecrev:v:99:y:2009:i:2:p:543-49

Note: DOI: 10.1257/aer.99.2.543
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References

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  1. Rosanne Altshuler & Alan J. Auerbach & Michael Cooper & Matthew Knittel, 2009. "Understanding U.S. Corporate Tax Losses," NBER Chapters, in: Tax Policy and the Economy, Volume 23, pages 73-122 National Bureau of Economic Research, Inc.
  2. Alan J. Auerbach, 2002. "Is there a role for discretionary fiscal policy?," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 109-150.
  3. Alan J. Auerbach, 2003. "Fiscal Policy, Past and Present," NBER Working Papers 10023, National Bureau of Economic Research, Inc.
  4. Alan J. Auerbach & Daniel R. Feenberg, 2000. "The Significance of Federal Taxes as Automatic Stabilizers," Journal of Economic Perspectives, American Economic Association, vol. 14(3), pages 37-56, Summer.
  5. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
  6. Alan J. Auerbach, 2008. "Federal Budget Rules: The US Experience," NBER Working Papers 14288, National Bureau of Economic Research, Inc.
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Citations

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Cited by:
  1. Alan Auerbach, 2009. "US Fiscal Policy In Recession: What's Next?," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 10(2), pages 3-8, 07.
  2. Thiess Buettner & Clemens Fuest, 2009. "The Role of the Corporate Income Tax as an Automatic Stabilizer," CESifo Working Paper Series 2798, CESifo Group Munich.
  3. Mathias Dolls & Clemens Fuest & Andreas Peichl, 2009. "Automatic Stabilizers and Economic Crisis: US vs. Europe," CESifo Working Paper Series 2878, CESifo Group Munich.
  4. Virkola, Tuomo, 2014. "Exchange Rate Regime, Fiscal Foresight and the Effectiveness of Fiscal Policy in a Small Open Economy," ETLA Reports 20, The Research Institute of the Finnish Economy.
  5. Edge, Rochelle M. & Rudd, Jeremy B., 2011. "General-equilibrium effects of investment tax incentives," Journal of Monetary Economics, Elsevier, vol. 58(6), pages 564-577.
  6. European Commission, 2010. "Tax Policy after the Crisis: Monitoring Tax Revenues and Tax Reforms in EU Member States 2010 Report," Taxation Papers 24, Directorate General Taxation and Customs Union, European Commission.
  7. Pereira, Manuel C, 2009. "A new measure of fiscal shocks based on budget forecasts and its implications," MPRA Paper 17475, University Library of Munich, Germany.
  8. Hristov, Atanas, 2012. "The Effects of Discretionary Fiscal Stimulus: A Survey," MPRA Paper 44714, University Library of Munich, Germany.

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