All is Quiet in the Fiscal Front: Fiscal Policy for the Global Economic Crisis

Matías Vernengo and Esteban Perez Caldentey

Working Paper Series, Department of Economics, University of Utah from University of Utah, Department of Economics

Abstract: The current economic global crisis has thrown fiscal policy onto the center stage. However, the current crisis episode has not produced any change regarding the standing role and function of fiscal policy in developed and developing market economies that has dominated the economics profession for decades. In fact, the uncertain prospects for recovery underscore the fact that free market economies lack the mechanisms to bring about and maintain full employment. Full employment requires designing and making operational institutions at the national and global levels that can manage aggregate demand. This paper reviews the evidence on current fiscal efforts around the world.

Keywords: Fiscal Policy; Fiscal Deficit (search for similar items in EconPapers)
JEL-codes: E62 H62 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2010
New Economics Papers: this item is included in nep-cba, nep-mac, nep-pke and nep-pub
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Persistent link: https://EconPapers.repec.org/RePEc:uta:papers:2010_02

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