Implementing the New Fiscal Policy Activism
To many observers, the current recession provides compelling circumstances for renewed fiscal policy activism. But the strong support for fiscal policy intervention reflects a renewed belief in policy activism that had already appeared before the present crisis. However, the recent debate about possible fiscal policy interventions suggests that we are still relying on the approaches to discretionary policy used in past periods of policy activism. It is not surprising that there have been few advances in discretionary policy design, given the lack of favor such policy suffered over many years. But if we are going to practice fiscal discretionary policy on a large scale, then more attention to policy design is sorely needed.
|Date of creation:||Feb 2009|
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|Publication status:||published as Alan J. Auerbach, 2009. "Implementing the New Fiscal Policy Activism," American Economic Review, American Economic Association, vol. 99(2), pages 543-49, May.|
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- Alan J. Auerbach, 2002.
"Is there a role for discretionary fiscal policy?,"
Proceedings - Economic Policy Symposium - Jackson Hole,
Federal Reserve Bank of Kansas City, pages 109-150.
- Rosanne Altshuler & Alan J. Auerbach & Michael Cooper & Matthew Knittel, 2008.
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NBER Working Papers
14405, National Bureau of Economic Research, Inc.
- Alan J. Auerbach & Daniel R. Feenberg, 2000.
"The Significance of Federal Taxes as Automatic Stabilizers,"
Journal of Economic Perspectives,
American Economic Association, vol. 14(3), pages 37-56, Summer.
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"Fiscal Policy, Past and Present,"
NBER Working Papers
10023, National Bureau of Economic Research, Inc.
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- Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
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