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The Limits of Stabilization Policies

Author

Listed:
  • Tanzi, Vito

    (International Institute of Public Finance
    Fiscal Affairs Department at the IMF)

Abstract

That fiscal policy may have limits has been known and has been discussed since 1936, when Keynes published The General Theory in the middle of the Great depression. The criticism of countercyclical fiscal policy should have changed over the years, because of economic, social and structural changes that have taken place in the economies of the countries. This paper focuses on changes in the socio-economic ecology of countries and argues that those changes are likely to have reduced the effectiveness of traditional countercyclical fiscal policy.

Suggested Citation

  • Tanzi, Vito, 2019. "The Limits of Stabilization Policies," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 69(supplemen), pages 141-151, January.
    • Handle: RePEc:aka:aoecon:v:69:y:2019:i:supplement1:p:141-151
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    File URL: http://www.akademiai.com/doi/pdf/10.1556/032.2019.69.S1.9
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    More about this item

    Keywords

    fiscal policy; Keynesianism; stabilization policy;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • 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
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General

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