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Keynesian Fiscal Stimulus: What Have We Learned from the Great Recession?

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Author Info

  • Laurence Seidman

    ()
    (Department of Economics,University of Delaware)

Abstract

What have we learned from the Great Recession about Keynesian fiscal stimulus? This article contains five sections that develop the following five points: (1) There is confusion about what constitutes Keynesian fiscal stimulus; (2) Economists are deeply divided about fiscal stimulus; (3) A fundamental error has been committed by an influential economist in estimating the recession magnitude of the Keynesian multiplier; (4) A fundamental error has been committed by two influential economists in their analysis of the impact of the 2008 tax rebate on consumption spending; (5) Advocates of fiscal stimulus in recession should support keeping government debt low in prosperity.

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File URL: http://graduate.lerner.udel.edu/sites/default/files/ECON/PDFs/RePEc/dlw/WorkingPapers/2011/UDWP2011-11.pdf
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Bibliographic Info

Paper provided by University of Delaware, Department of Economics in its series Working Papers with number 11-11.

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Length: 38 pages
Date of creation: 2011
Date of revision:
Publication status: Published in Journal of Post-Keynesian Economics, Vol. 34, No.2, 2012.
Handle: RePEc:dlw:wpaper:11-11.

Contact details of provider:
Postal: Purnell Hall, Newark, Delaware 19716
Phone: (302) 831-2565
Fax: (302) 831-6968
Web page: http://www.lerner.udel.edu/departments/economics/department-economics/
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Related research

Keywords: fiscal stimulus; fiscal policy; Great Recession;

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References

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  1. David S. Johnson & Jonathan A. Parker & Nicholas S. Souleles, 2004. "Household Expenditure and the Income Tax Rebates of 2001," Working Papers 136, Princeton University, Woodrow Wilson School of Public and International Affairs, Discussion Papers in Economics..
  2. Kenneth A. Lewis & Laurence S. Seidman, 2010. "Did the 2008 Rebate Fail? A Response to Taylor and Feldstein ," Working Papers 10-06, University of Delaware, Department of Economics.
  3. Laurence S Seidman & Kenneth A Lewis, 2009. "Does Fiscal Stimulus Cause Too Much Debt?," Business Economics, Palgrave Macmillan, vol. 44(4), pages 201-205, October.
  4. Laurence Seidman, 2011. "Great Depression II," Challenge, M.E. Sharpe, Inc., vol. 54(1), pages 32-53, January.
  5. Seidman Laurence, 2010. "Reducing Future Deficits While Stimulating Today's Economy," The Economists' Voice, De Gruyter, vol. 7(3), pages 1-5, August.
  6. Laurence Seidman, 2001. "Reviving Fiscal Policy," Challenge, M.E. Sharpe, Inc., vol. 44(3), pages 17-42, May.
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Cited by:
  1. Laurence Seidman, 2014. "Stimulus Without Debt," Working Papers 14-01, University of Delaware, Department of Economics.

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