During the last quarter of the 20th Century, the conventional wisdom prevailing in academic, political and financial circles was definitely against government deficits. At the turn of the century, however, a substantial recourse to deficit spending practices in the United States reopened the debate on the usefulness of countercyclical fiscal policies. This essay discusses the main contents of this debate, reviewing the contributions to various symposiums held at a number of U.S. Federal Reserve Banks. A comparison with the views on this issue prevailing in Europe is also provided.
Rethinking Expansionary Fiscal Retrenchments / Barba, Aldo. - In: CONTRIBUTIONS TO POLITICAL ECONOMY. - ISSN 0277-5921. - STAMPA. - 20:1(2001), pp. 57-86. [10.1093/cpe/20.1.57]
Rethinking Expansionary Fiscal Retrenchments
BARBA, ALDO
2001
Abstract
During the last quarter of the 20th Century, the conventional wisdom prevailing in academic, political and financial circles was definitely against government deficits. At the turn of the century, however, a substantial recourse to deficit spending practices in the United States reopened the debate on the usefulness of countercyclical fiscal policies. This essay discusses the main contents of this debate, reviewing the contributions to various symposiums held at a number of U.S. Federal Reserve Banks. A comparison with the views on this issue prevailing in Europe is also provided.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
