Keynesian Fiscal Stimulus: What Have We Learned from the Great Recession?

Laurence Seidman

No 11-11, Working Papers from University of Delaware, Department of Economics

Abstract: 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.

Keywords: fiscal stimulus; fiscal policy; Great Recession (search for similar items in EconPapers)
JEL-codes: E62 (search for similar items in EconPapers)
Pages: 38 pages
Date: 2011
New Economics Papers: this item is included in nep-hpe, nep-mac and nep-pke
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Citations: View citations in EconPapers (1)

Published in Journal of Post-Keynesian Economics, Vol. 34, No.2, 2012.

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