Keynesian Fiscal Stimulus: What Have We Learned from the Great Recession?
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.
|Date of creation:||2011|
|Date of revision:|
|Publication status:||Published in Journal of Post-Keynesian Economics, Vol. 34, No.2, 2012.|
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- David S. Johnson & Jonathan A. Parker & Nicholas S. Souleles, 2004.
"Household Expenditure and the Income Tax Rebates of 2001,"
136, Princeton University, Woodrow Wilson School of Public and International Affairs, Discussion Papers in Economics..
- Nicholas S. Souleles & Jonathan A. Parker & David S. Johnson, 2006. "Household Expenditure and the Income Tax Rebates of 2001," American Economic Review, American Economic Association, vol. 96(5), pages 1589-1610, December.
- David S. Johnson & Jonathan A. Parker & Nicholas S. Souleles, 2004. "Household Expenditure and the Income Tax Rebates of 2001," NBER Working Papers 10784, National Bureau of Economic Research, Inc.
- 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.
- Laurence Seidman, 2011. "Great Depression II," Challenge, M.E. Sharpe, Inc., vol. 54(1), pages 32-53, January.
- Kenneth A. Lewis & Laurence S. Seidman, 2010.
"Did the 2008 Rebate Fail? A Response to Taylor and Feldstein ,"
10-06, University of Delaware, Department of Economics.
- Kenneth A. Lewis & Laurence S. Seidman, 2011. "Did the 2008 rebate fail? a response to Taylor and Feldstein," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 34(2), pages 183-204, January.
- Kenneth A. Lewis & Laurence S. Seidman, 2011. "Did the 2008 Rebate Fail? A Response to Taylor and Feldstein," Working Papers 11-10, University of Delaware, Department of Economics.
- Seidman Laurence, 2010. "Reducing Future Deficits While Stimulating Today's Economy," The Economists' Voice, De Gruyter, vol. 7(3), pages 1-5, August.
- Laurence Seidman, 2001. "Reviving Fiscal Policy," Challenge, M.E. Sharpe, Inc., vol. 44(3), pages 17-42, May.
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