Crowding Out and Crowding in within Keynesian Framework. Do We Need Any New Empirical Research Concerning Them?
AbstractLast global financial crisis resulted in common among developed countries implementation of expansionary fiscal policy as an anti-recession tool. This led to the renewal of academic discussion on stabilization effectiveness of fiscal policy. In this context, the main research goal of this paper is to give theoretical analysis of the determinants of counter-cyclical effectiveness of fiscal policy with special concentration on crowding out and crowding in effects. Methodologically the analysis is done within Keynesian IS-LM framework within the assumption of expectations of economic actors. The theoretical analysis is confronted with the review of empirical papers based on the experiences of developed countries.
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Bibliographic InfoPaper provided by Institute of Economic Research in its series Working Papers with number 2/2014.
Length: 16 pages
Date of creation: Feb 2014
Date of revision: May 2014
Publication status: Published in Journal - Economics & Sociology, Vol. 7, No 2, 2014, pp. 80-93
fiscal policy; crowding out; crowding in; stabilization policy;
Find related papers by JEL classification:
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household
- H32 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Firm
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