Does Fiscal Policy Matter?
Author | : Alan S. Blinder |
Publisher | : |
Total Pages | : 50 |
Release | : 1972 |
Genre | : Expenditures, Public |
ISBN | : |
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Author | : Alan S. Blinder |
Publisher | : |
Total Pages | : 50 |
Release | : 1972 |
Genre | : Expenditures, Public |
ISBN | : |
Author | : Richard Hemming |
Publisher | : International Monetary Fund |
Total Pages | : 62 |
Release | : 2002-12 |
Genre | : Business & Economics |
ISBN | : |
This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.
Author | : Alan S. Blinder |
Publisher | : Elsevier |
Total Pages | : 244 |
Release | : 2013-09-11 |
Genre | : Business & Economics |
ISBN | : 1483264564 |
Economic Policy and the Great Stagflation discusses the national economic policy and economics as a policy-oriented science. This book summarizes what economists do and do not know about the inflation and recession that affected the U.S. economy during the years of the Great Stagflation in the mid-1970s. The topics discussed include the basic concepts of stagflation, turbulent economic history of 1971-1976, anatomy of the great recession and inflation, and legacy of the Great Stagflation. The relation of wage-price controls, fiscal policy, and monetary policy to the Great Stagflation is also elaborated. This publication is beneficial to economists and students researching on the history of the Great Stagflation and policy errors of the 1970s.
Author | : Roman Frydman |
Publisher | : Princeton University Press |
Total Pages | : 441 |
Release | : 2013-01-23 |
Genre | : Business & Economics |
ISBN | : 1400846455 |
This book originated from a 2010 conference marking the fortieth anniversary of the publication of the landmark "Phelps volume," Microeconomic Foundations of Employment and Inflation Theory, a book that is often credited with pioneering the currently dominant approach to macroeconomic analysis. However, in their provocative introductory essay, Roman Frydman and Edmund Phelps argue that the vast majority of macroeconomic and finance models developed over the last four decades derailed, rather than built on, the Phelps volume's "microfoundations" approach. Whereas the contributors to the 1970 volume recognized the fundamental importance of according market participants' expectations an autonomous role, contemporary models rely on the rational expectations hypothesis (REH), which rules out such a role by design. The financial crisis that began in 2007, preceded by a spectacular boom and bust in asset prices that REH models implied could never happen, has spurred a quest for fresh approaches to macroeconomic analysis. While the alternatives to REH presented in Rethinking Expectations differ from the approach taken in the original Phelps volume, they are notable for returning to its major theme: understanding aggregate outcomes requires according expectations an autonomous role. In the introductory essay, Frydman and Phelps interpret the various efforts to reconstruct the field--some of which promise to chart its direction for decades to come. The contributors include Philippe Aghion, Sheila Dow, George W. Evans, Roger E. A. Farmer, Roman Frydman, Michael D. Goldberg, Roger Guesnerie, Seppo Honkapohja, Katarina Juselius, Enisse Kharroubi, Blake LeBaron, Edmund S. Phelps, John B. Taylor, Michael Woodford, and Gylfi Zoega.
Author | : Roger E. A. Farmer |
Publisher | : Oxford University Press |
Total Pages | : 297 |
Release | : 2017 |
Genre | : Business & Economics |
ISBN | : 0190621435 |
In the aftermath of the 2008 financial crisis, economists around the world have advanced theories to explain the persistence of high unemployment and low growth rates. Written in clear, accessible language by prominent macroeconomic theorist Roger E. A. Farmer, Prosperity for All proposes a paradigm shift and policy changes that could successfully raise employment rates, keep inflation at bay, and stimulate growth.
Author | : Dmitry Plotnikov |
Publisher | : International Monetary Fund |
Total Pages | : 35 |
Release | : 2017-09-08 |
Genre | : Business & Economics |
ISBN | : 1484319109 |
I carry out a business cycle accounting exercise (Chari, Kehoe and McGrattan, 2007) on the U.S. data measured in wage units (Farmer (2010)) for the entire postwar period. In contrast to a conventional approach, this approach preserves common medium-term business cycle fluctuations in GDP, its components and the unemployment rate. Additionally, it facilitates decomposition of the labor wedge into the labor supply and the labor demand wedges. Using this business cycle accounting methodology, I find that in the transformed data, most movements in GDP are accounted for by the labor supply wedge. Therefore, I reverse a key finding of the real business cycle literature which asserts that 70% or more of economic fluctuations can be explained by TFP shocks. In other words, the real business cycle model fits the data badly because the assumption that households are on their labor supply equation is flawed. This failure is masked by data that has been filtered with a conventional approach that removes fluctuations at medium frequencies. My findings are consistent with the literature on incomplete labor markets.
Author | : Panagiotis E. Petrakis |
Publisher | : Springer Science & Business Media |
Total Pages | : 257 |
Release | : 2014-01-04 |
Genre | : Political Science |
ISBN | : 3642413447 |
This book presents an overview of the economics and politics implemented in the European Union and especially the Eurozone during the crisis of 2008-2012. Although it focuses on these four years, the analysis starts from the establishment of the European Union and covers the period up to the outbreak of the Cypriot banking crisis in mid-2013. The long-term creation of structural changes in European economics and politics is associated with a growth lag within the global economic environment dynamics. The economic and political consequences of the crisis and the development of new institutions will shape the future growth dynamics towards a Fragmented European Federation.
Author | : Jon Bakija |
Publisher | : Univ of California Press |
Total Pages | : 219 |
Release | : 2016-06-21 |
Genre | : Political Science |
ISBN | : 0520962818 |
The size of government is arguably the most controversial discussion in United States politics, and this issue won't fade from prominence any time soon. There must surely be a tipping point beyond which more government taxing and spending harms the economy, but where is that point? In this accessible book, best-selling authors Jeff Madrick, Jon Bakija, Lane Kenworthy, and Peter Lindert try to answer whether our government can grow any larger and examine how we can optimize growth and fair distribution.
Author | : Per Gunnar Berglund |
Publisher | : Routledge |
Total Pages | : 465 |
Release | : 2007-05-07 |
Genre | : Business & Economics |
ISBN | : 1135991634 |
While recent developments in monetary theory have been fast to spread to policy analysis and practice and the media, the same is not true of fiscal policy, and a void has emerged. Issues such as timing, cyclical adjustments, long-term sustainability, and social implications are often seen as detached from discussions in the public arena. This book fills this gap. It delivers a keen assessment of the role and scope of current fiscal policy. New contributions and critical reviews of state of the art research analyze fiscal policy in terms of viability, potency, consequences and sustainability, and also shed light on its relation to economic and political ideas. The general tone of this volume is cautiously favourable of fiscal activism, although the emphasis is placed more on medium-term adjustments than on short-term ‘fine-tuning’. The authors believe that the legacy of the last fiscal revolution has been an excessively negative view of deficits and debt, and believe that this volume will contribute to open a dialogue on fiscal issues, and bring back a more balanced view of fiscal policy. With contributions from leading authorities including Barbara Bergmann, Jeffrey Frankel and David Colander, this is a major new contribution to the field.
Author | : Michael D. Bordo |
Publisher | : University of Chicago Press |
Total Pages | : 545 |
Release | : 2013-06-28 |
Genre | : Business & Economics |
ISBN | : 0226066959 |
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.