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Modern perspectives on stabilization policies
Galí, Jordi
Universitat Pompeu Fabra. Departament d'Economia i Empresa
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.
2005-09-15
Macroeconomics and International Economics
business cycles
inefficient allocations
government spending multiplier
non-ricardian households
countercyclical policies
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http://creativecommons.org/licenses/by-nc-nd/3.0/es/
Working Paper
         

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