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The Net Fiscal Expenditure Stimulus in the US, 2008-9: Less than What You Might Think, and Less than the Fiscal Stimuli of Most OECD Countries

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  • Aizenman Joshua

    (California, Santa Cruz)

  • Pasricha Gurnain K.

    (California, Santa Cruz)

Abstract

Understanding how the economy reacted to fiscal stimulus in the aftermath of the deepest recession of the last fifty years is essential. Joshua Aizenman of the University of California, Santa Cruz, and Gurnain Kaur Pasricha of the Santa Cruz Institute for International Economics and the Bank of Canada show that aggregate fiscal expenditure stimulus in the United States, properly adjusted for the declining fiscal expenditure of the fifty states, was close to zero in 2009. Furthermore, the USA is ranked at the bottom third in terms of the rate of expansion of the consolidated government consumption and investment of the 28 OECD countries they studied recently.

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Bibliographic Info

Article provided by De Gruyter in its journal The Economists' Voice.

Volume (Year): 8 (2011)
Issue (Month): 2 (June)
Pages: 1-6

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Handle: RePEc:bpj:evoice:v:8:y:2011:i:2:n:5

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  1. Reinhart, Carmen & Kaminsky, Graciela & Vegh, Carlos, 2004. "When it rains, it pours: Procyclical capital flows and macroeconomic policies," MPRA Paper 13883, University Library of Munich, Germany.
  2. Aizenman, Joshua & Pasricha, Gurnain Kaur, 2010. "On the ease of overstating the fiscal stimulus in the US, 2008-9," Santa Cruz Department of Economics, Working Paper Series qt5rf688t2, Department of Economics, UC Santa Cruz.
  3. Francesco Giavazzi & Marco Pagano, 1990. "Can Severe Fiscal Contractions Be Expansionary? Tales of two Small Euopean Countries," Working Papers 89, Dipartimento Scienze Economiche, Universita' di Bologna.
  4. Carlos de Resende & René Lalonde & Stephen Snudden, 2010. "The Power of Many: Assessing the Economic Impact of the Global Fiscal Stimulus," Discussion Papers 10-1, Bank of Canada.
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Cited by:
  1. Nicolaas Groenewold, 2012. "Australia and the GFC: Saved by Astute Fiscal Policy?," Economics Discussion / Working Papers 12-28, The University of Western Australia, Department of Economics.

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