Modern Perspectives on Stabilization Policies

Jordi Gali ()

Economics Working Papers from Department of Economics and Business, Universitat Pompeu Fabra

Abstract: The present paper describes recent research on two central themes of Keynes’ General Theory: (i) the social waste associated with recessions, and (ii) the effectiveness of fiscal policy as a stabilization tool. The paper also discusses some evidence on the extent to which fiscal policy has been used as a stabilizing tool in industrial economies over the past two decades.

Keywords: business cycles; inefficient allocations; government spending multiplier; non-Ricardian households; countercyclical policies (search for similar items in EconPapers)
JEL-codes: E32 E63 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hpe, nep-mac and nep-pbe
Date: 2004-10, Revised 2005-08
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Persistent link: http://EconPapers.repec.org/RePEc:upf:upfgen:830

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