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The Macroeconomics of Fiscal Policy

Editor

Listed:
  • Richard Kopcke
    (Center for Retirement Research at Boston College)

  • Geoffrey M. B. Tootell
    ()

    (Federal Reserve Bank of Boston)

  • Robert K. Triest
    ()

    (Federal Reserve Bank of Boston)

Abstract

The United States's post-World War II emphasis on activist fiscal policy for short-term economic stabilization was called into question in the 1960s, and by the late 1980s was superseded by the view that fiscal policy should focus on long-run structural concerns. For the past two decades both public policy and economic research emphasized monetary policy as a stabilization tool. But there remain issues in American macroeconomic policy having to do with budget deficits, present and projected, as well as a recent revival of interest in fiscal policy as a stabilization tool. Overall, the academic pendulum is swinging back towards a renewed consideration of fiscal policy. This volume brings together leading researchers and policy makers to assess the effectiveness and consequences of fiscal policy. Drawing on postwar policy experience and recent economic research, this book offers a state-of-the-art consideration of where fiscal policy stands today. Contributors address both the appropriateness of fiscal policy as a tool for short-run macroeconomic stabilization and the longer-term impact of fiscal decisions and economic policy. Topics covered include the legacy of the Reagan administration's tax cuts; whether public policy has encouraged such behavior as "overconsumption," which may foster persistent budget and trade deficits; and, in light of recent experience, how and when fiscal policy might be appropriate as a short-term stabilization tool.

Suggested Citation

  • Richard Kopcke & Geoffrey M. B. Tootell & Robert K. Triest (ed.), 2006. "The Macroeconomics of Fiscal Policy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262112957, January.
  • Handle: RePEc:mtp:titles:0262112957
    as

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    Citations

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    Cited by:

    1. António Afonso & Christophe Rault, 2008. "Budgetary and External Imbalances Relationship : a Panel Data Diagnostic," Working Papers Department of Economics 2008/45, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    2. Harashima, Taiji, 2017. "Should a Government Fiscally Intervene in a Recession and, If So, How?," MPRA Paper 78053, University Library of Munich, Germany.

    More about this item

    Keywords

    macroeconomics; fiscal policy;

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy

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