Paper #830

Títol:

Modern perspectives on stabilization policies

Autor:

Jordi Galí

Data:

Octubre 2004

Resum:

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.

Paraules clau:

business cycles, inefficient allocations, government spending multiplier, non-Ricardian households, countercyclical policies

Codis JEL:

E32, E63

Àrea de Recerca:

Macroeconomia i Economia Internacional

Publicat a:

CESifo Economic Studies, Vol. 51, 587-599, 4/2005

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