Keynesian Fiscal Stimulus: What Have We Learned from the Great Recession&quest

Laurence Seidman

Business Economics, 2012, vol. 47, issue 4, 273-284

Abstract: What have we learned from the Great Recession about Keynesian fiscal stimulus? This article contains five sections that develop the following five points: (1) There is confusion about what constitutes fiscal stimulus; (2) economists are deeply divided about fiscal stimulus; (3) A fundamental error has been committed by an influential economist in estimating the recession magnitude of the Keynesian multiplier; (4) A fundamental error has been committed by two influential economists in their analysis of the impact of the 2008 tax rebate on consumption spending; and (5) advocates of fiscal stimulus in recession should support keeping government debt low in prosperity.

Date: 2012
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