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The Macroeconomics Of Fiscal Policy

The Macroeconomics Of Fiscal Policy

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  • ISBN:9780262112956
  • Editorial: Mit Press
  • Fecha de la edición:
  • Encuadernación:Tapa dura
  • Dimensiones: 0 cm x 0 cm
  • Nº Pág.:392
  • Idiomas:Ingles

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Leading academics and former policy makers assess the effectiveness of post-war American fiscal policy as questions about the role of fiscal policy once again come to the forefront of economic research and debate. The post-World War II emphasis on activist fiscal policy for short-term economic stabilisation was called into question in the 1960s, and by the late 1980s was superseded by the view that fiscal policy should focus on long-run structural concerns.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 emphasised monetary policy as a stabilisation 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 stabilisation 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 post-war 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 stabilisation 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 behaviour as "over consumption," 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 stabilisation tool.

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