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Fiscal and Monetary Policies During the Great Recession: A Critical Evaluation

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  • Vito Tanzi

    (Honorary President of the International Institute of Public Finance (IIPF), 5912 Walhonding Road, Bethesda, Md 20816, USA)

Abstract

This paper discusses the fiscal and monetary policies that were adopted by the crisis countries. It challenges the commonly held view that the countries followed policies of ‘austerity’. It shows that in most countries there was far less reduction of public spending than reported or believed. This paper argues that the fiscal and monetary policies that were followed may have had damaging repercussions on private investment and private spending, because of their impact on psychology and on uncertainty. This paper also questions the assumed benefits of the monetary policies followed, because of their negative impact on income distribution.

Suggested Citation

  • Vito Tanzi, 2015. "Fiscal and Monetary Policies During the Great Recession: A Critical Evaluation," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 57(2), pages 243-275, June.
    • Handle: RePEc:pal:compes:v:57:y:2015:i:2:p:243-275
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    Cited by:

    1. Dumitriu, Ramona & Stefanescu, Răzvan, 2020. "Provocări pentru Finanţele Comportamentale în contextul COVID-19 [Some challenges for the Behavioral Finance in the Context of COVID-19]," MPRA Paper 99675, University Library of Munich, Germany, revised 16 Apr 2020.
    2. repec:jle:journl:165 is not listed on IDEAS

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