Modern Perspectives on Stabilization Policies

Jordi Galí
Authors registered in the RePEc Author Service: Jordi Galí

No 222, Working Papers from Barcelona School of Economics

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.

Keywords: Business cycles; inefficient allocations; government spending multiplier; non-Ricardian households; countercyclical policies (search for similar items in EconPapers)
JEL-codes: E32 E63 (search for similar items in EconPapers)
Date: 2015-09
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Working Paper: Modern perspectives on stabilization policies (2005)
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