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Rethinking Keynesianism 10 Years after the Global Crisis

Author

Listed:
  • Vito Tanzi

    (International Institute of Public Finance
    Fiscal Affairs Department, IMF)

Abstract

For many years Keynesian fiscal policy became very popular and was used by governments to fight slowdowns and recessions. In the 1980s and in the next three decades, this policy lost much appeal among economists in academia, though less among governments. The financial crisis of 2007–2008 and the following Great Recession brought a sudden revival of interest in and use of fiscal policies. This paper outlines the main criticisms that were directed at the Keynesian fiscal policy from the beginning. Some of these criticisms are less-known than others.

Suggested Citation

  • Vito Tanzi, 2018. "Rethinking Keynesianism 10 Years after the Global Crisis," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 68(supplemen), pages 7-19, November.
    • Handle: RePEc:aka:aoecon:v:68:y:2018:i:supplement2:p:7-19
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    File URL: http://www.akademiai.com/doi/pdf/10.1556/032.2018.68.S2.1
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    Citations

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    Cited by:

    1. Magas, István, 2019. "Ten Years after The Global Economic Crisis — A Retrospective Analysis," Public Finance Quarterly, Corvinus University of Budapest, vol. 64(1), pages 93-109.

    More about this item

    Keywords

    fiscal policy; Keynesian policy; rational expectations; Ricardian equivalence; public debts;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H5 - Public Economics - - National Government Expenditures and Related Policies
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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