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Modern Perspectives on Stabilization Policies

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  • Jordi Gali
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    Abstract

    The present paper describes recent research on two central themes of Keynes' General Theory: (i) the social waste associated with recessions, and (ii) the effectiveness of fiscal policy as a stabilization tool. The paper also discusses some evidence on the extent to which fiscal policy has been used as a stabilizing tool in industrial economies over the past two decades.

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    File URL: http://research.barcelonagse.eu/tmp/working_papers/222.pdf
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    Bibliographic Info

    Paper provided by Barcelona Graduate School of Economics in its series Working Papers with number 222.

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    Date of creation: Oct 2004
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    Handle: RePEc:bge:wpaper:222

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    Related research

    Keywords: Business cycles; inefficient allocations; government spending multiplier; non-Ricardian households; countercyclical policies;

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    1. Clarida, R. & Gali, J. & Gertler, M., 1998. "Monetary Policy Rules and Macroeconomic Stability: Evidence and some Theory," Working Papers 98-01, C.V. Starr Center for Applied Economics, New York University.
    2. Edward C. Prescott, 1986. "Theory ahead of business cycle measurement," Staff Report 102, Federal Reserve Bank of Minneapolis.
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