Has French budgetary policy since the 1970s been truly Keynesian?

Sebastien Charles, Thomas Dallery and Jonathan Marie

Review of Keynesian Economics, 2019, vol. 7, issue 1, 75-93

Abstract: The article shows that budgetary policy in France since the 1970s cannot be characterized as Keynesian. To prove this, two rules of behaviour compatible with Keynesian teaching are proposed and then compared with changes in budgetary balances and with a battery of stylized facts. The article calls for a fiscal stimulus allowing production capacities to be fully used for the first rule, or the return to full employment for the second. The article also points to potential ways of showing that the objective of full employment is not incompatible with the ecological transition and can be more easily reachable with a reduction in work hours.

Keywords: budgetary policy; output gap; Keynesianism (search for similar items in EconPapers)
JEL-codes: E12 E22 E24 E61 E62 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:elg:rokejn:v:7:y:2019:i:1:p75-93

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