Rethinking Fiscal Policy

The use of fiscal policy as a stabilization device has all but vanished, more or less explicitly in Europe and de facto in the United States. The practical consequences have not been entirely satisfactory, in either place. So it is important and timely that the Oxford Review is devoting a special is...

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Bibliographic Details
Published in:	Oxford review of economic policy Vol. 21; no. 4; pp. 509 - 514
Main Author:	SOLOW, ROBERT M.
Format:	Journal Article
Language:	English
Published:	Oxford Oxford University Press 01-12-2005 OXFORD UNIVERSITY PRESS Oxford Publishing Limited (England)
Subjects:	Econometrics Economic fluctuations Economic policy Economic stability Economic theory Equilibrium Eurozone Expenditures Financial economics Fiscal policy Income taxes Interest rates Investment policy Investments Keynesianism Macroeconomic policy Macroeconomics Monetary policy Policy studies Prices Studies United States > US
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Summary:	The use of fiscal policy as a stabilization device has all but vanished, more or less explicitly in Europe and de facto in the United States. The practical consequences have not been entirely satisfactory, in either place. So it is important and timely that the Oxford Review is devoting a special issue to the macroeconomics of fiscal policy. In this paper I want to discuss two underlying questions about the eclipse of fiscal policy. Why did this happen and was it a good idea? And if it was not a good idea, then what follows?
Bibliography:	ark:/67375/HXZ-M38XRKPR-H istex:C110B130545D355D164E7A3150F560BAB28BB20E local:gri028 ObjectType-Article-2 SourceType-Scholarly Journals-1 ObjectType-Feature-1 content type line 23
ISSN:	0266-903X 1460-2121
DOI:	10.1093/oxrep/gri028