Modern Perspectives on Fiscal Stabilization Policies

Jordi Galí

CESifo Economic Studies, 2005, vol. 51, issue 4, 587-599

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. (JEL E32, E63)

Date: 2005
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