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The CEA: From Stabilization to Resource Allocation

Listed author(s):
  • Martin Feldstein

This paper traces the changing role of the Council of Economic Advisers. In the 50 years since its creation, the CEA's focus has shifted from the design of policies to achieve full employment to one of advising on the much-enlarged spending and tax activities of the federal government. The CEA's original attention to achieving cyclical stability through fiscal policy diminished as economists changed their views about the inherent stability of the economy and the usefulness of fiscal policy. With the shift of macroeconomic policy to the Federal Reserve, the CEA's macroeconomic role has diminished but not disappeared. The rapid growth of government spending during the past five decades has greatly increased the role for the CEA in seeking efficient resource allocation.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5908.

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Date of creation: Jan 1997
Publication status: Published as "The Council of Economic Advisers: From Stabilization to Resource Allocation", American Economic Review, Vol. 87, no. 2 (May 1997): 99-102.
Handle: RePEc:nbr:nberwo:5908
Note: ME PE
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  1. David M. Cutler & Jonathan Gruber, 1996. "Does Public Insurance Crowd out Private Insurance?," The Quarterly Journal of Economics, Oxford University Press, vol. 111(2), pages 391-430.
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