Rethinking fiscal policy

Matthieu Llorca

Chapter 9 in A Modern Guide to Rethinking Economics, 2017, pp 169-181 from Edward Elgar Publishing

Abstract: Fiscal policy is the object of numerous theoretical controversies, notably during the two most recent crises: the 2009 great recession and the 2011–12 euro-area crisis. In such framework, we propose to rethink the use of fiscal policy through three elements. First, theoretical principles developed by Keynes and post-Keynesian authors must be put forward to focus fiscal policy on economic growth. Second, globalization offers new opportunities to use this instrument. Finally, fiscal indicators, such as the structural primary budget balance or the net public debt, must be taken into account to offer a fiscal space necessary to apply our proposals.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2017
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