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Doit-on oublier la politique budgétaire ?. Une analyse critique de la nouvelle théorie anti-keynésienne des finances publiques

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  • Jérôme Creel
  • Bruno Ducoudré
  • Catherine Mathieu
  • Henri Sterdyniak

Abstract

According to the NAK, Keynesian fiscal stabilisation policies have no favourable impact on output. This view is widely spread in Europe where public deficits and debts are judged excessive, which would raise interest rates and depress output (private agents anticipating future higher taxes). Section 1 provides a critical assessment of the NAK theoretical models, discussing transmission channels (consumption, investment, interest rates) and assumptions (current state of the economy, fiscal policy expectations, usefulness of public spending). Anti-Keynesian effects may only occur in very specific cases. Section 2 discusses the NAK empirical analyses (behavioural econometric analyses, statistical analyses, case studies, VAR models, macro-econometric models). Empirically, anti-Keynesian effects play mainly through investment and occur simultaneously with positive supply shocks. Section 3 draws policy conclusions. JEL code : E62.

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Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): 92 (2005)
Issue (Month): 1 ()
Pages: 43-97

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Handle: RePEc:cai:reofsp:reof_092_0043

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Cited by:
  1. HOUNKPODOTE, Hilaire & BATIONO, Rakissiwindé, 2009. "Heterogeneite De La Causalite Entre Depenses Publiques Et Croissance Economique Dans Les Pays De L'Uemoa:Quelles Implications Pour La Coordination Des Politiques Budgetaires
    [Heterogeneity Of The C
    ," MPRA Paper 26027, University Library of Munich, Germany.
  2. Mathieu, Catherine & Sterdyniak, Henri, 2011. "Finances publiques, sorties de crise..," Economics Papers from University Paris Dauphine 123456789/12010, Paris Dauphine University.
  3. Catherine Mathieu & Henri Sterdyniak, 2014. "Redemption ?," Sciences Po publications info:hdl:2441/7gjmt2p0l89, Sciences Po.
  4. Christophe Blot & Marion Cochard & Jérôme Creel & Bruno Ducoudre & Danielle Schweisguth & Xavier Timbeau, 2014. "Fiscal consolidation in times of crisis: is the sooner really the better?," Sciences Po publications info:hdl:2441/2g7mhju69b9, Sciences Po.
  5. Facchini, François & Melki, Mickaël, 2013. "Efficient government size: France in the 20th century," European Journal of Political Economy, Elsevier, vol. 31(C), pages 1-14.
  6. repec:hal:cesptp:halshs-00654363 is not listed on IDEAS
  7. repec:hal:journl:halshs-00654363 is not listed on IDEAS
  8. Bruno Ducoudré, 2005. "Fiscal policy and interest rates," Documents de Travail de l'OFCE 2005-08, Observatoire Francais des Conjonctures Economiques (OFCE).

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