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Is Fiscal Policy Poised for a Comeback?

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  • Paul Krugman

Abstract

For several decades, discretionary fiscal policy has been in disrepute. Most economists viewed it as unnecessary, because monetary policy was up to the job of stabilizing the economy. Economists also viewed fiscal policy as too clumsy to deal with the relatively short recessions that became the post-war norm. But the experience of Japan and the near-Japan experience of the United States in 2001--3 have renewed some of the old case for fiscal policy. Low-interest environments in which monetary policy becomes ineffective turn out to be a real danger, not a myth. Economic slumps that last for a number of years, offering ample time to implement fiscal expansion, also turn out to be possible. As a result, the case for fiscal policy made by the first generation of Keynesians has experienced a real revival. Copyright 2005, Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 21 (2005)
Issue (Month): 4 (Winter)
Pages: 515-523

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Handle: RePEc:oup:oxford:v:21:y:2005:i:4:p:515-523

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Cited by:
  1. Canale, Rosaria Rita & Foresti, Pasquale & Marani, Ugo & Napolitano, Oreste, 2007. "On Keynesian effects of (apparent) non-Keynesian fiscal policies," MPRA Paper 3742, University Library of Munich, Germany, revised Jun 2007.
  2. Canale, Rosaria Rita & Napolitano, Oreste, 2010. "The recessive attitude of EMU policies: reflections on the italian experience, 1998–2008," MPRA Paper 24705, University Library of Munich, Germany.
  3. Brittle, Shane, 2009. "Ricardian Equivalence and the Efficacy of Fiscal Policy in Australia," Economics Working Papers wp09-10, School of Economics, University of Wollongong, NSW, Australia.
  4. Ricardo Ffrench-Davis, 2008. "From “Financieristic” to Real Macroeconomics," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(52), pages 7-37, October -.
  5. Ricardo Ffrench-Davis, 2008. "From Financieristic To Real Macroeconomics: Seeking Development Convergence In Ees," Working Papers wp272, University of Chile, Department of Economics.
  6. Kristina Spantig, 2013. "Keynesian Dominance in Crisis Therapy," Global Financial Markets Working Paper Series 45-2013, Friedrich-Schiller-University Jena.

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