The Limits of Stabilization Policies

Vito Tanzi ()
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Vito Tanzi: International Institute of Public Finance

Acta Oeconomica, 2019, vol. 69, issue supplement1, 141-151

Abstract: That fiscal policy may have limits has been known and has been discussed since 1936, when Keynes published The General Theory in the middle of the Great depression. The criticism of countercyclical fiscal policy should have changed over the years, because of economic, social and structural changes that have taken place in the economies of the countries. This paper focuses on changes in the socio-economic ecology of countries and argues that those changes are likely to have reduced the effectiveness of traditional countercyclical fiscal policy.

Keywords: fiscal policy; Keynesianism; stabilization policy (search for similar items in EconPapers)
JEL-codes: B22 E32 E62 H30 (search for similar items in EconPapers)
Date: 2019
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