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Modern Perspectives on Stabilization Policies

Author

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  • Jordi Gali

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.

Suggested Citation

  • Jordi Gali, 2004. "Modern Perspectives on Stabilization Policies," Working Papers 222, Barcelona Graduate School of Economics.
  • Handle: RePEc:bge:wpaper:222
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    File URL: http://www.barcelonagse.eu/sites/default/files/working_paper_pdfs/222.pdf
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    References listed on IDEAS

    as
    1. Prescott, Edward C., 1986. "Theory ahead of business-cycle measurement," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 25(1), pages 11-44, January.
    2. Richard Clarida & Jordi Galí & Mark Gertler, 2000. "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory," The Quarterly Journal of Economics, Oxford University Press, vol. 115(1), pages 147-180.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

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

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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