Akcije

Panoeconomicus
kako citirati ovaj članak
podeli ovaj članak

Metrika

  • citati u SCIndeksu: [15]
  • citati u CrossRef-u:0
  • citati u Google Scholaru:[]
  • posete u poslednjih 30 dana:15
  • preuzimanja u poslednjih 30 dana:6

Sadržaj

članak: 1 od 2  
Back povratak na rezultate
2011, vol. 58, br. 2, str. 143-156
Fiscal policy is still an effective instrument of macroeconomic policy
(naslov ne postoji na srpskom)
Cambridge Centre for Economic and Public Policy, University of Cambridge, UK

e-adresapa267@cam.ac.uk
Ključne reči: fiscal policy; new consensus macroeconomics; coordination of monetary and fiscal policy
Sažetak
(ne postoji na srpskom)
Recent developments in macroeconomics and macroeconomic policy, what has come to be known as 'New Consensus in Macroeconomics', downgrades the role of fiscal policy and upgrades that of monetary policy. This contribution aims to consider this particular contention by focusing on fiscal policy. We consider fiscal policy within the current 'new consensus' theoretical framework, which views fiscal policy as ineffective, and argue that it deserves a great deal more attention paid to it than it has been recently. We review and appraise recent and not so recent theoretical and empirical developments on the fiscal policy front. The possibility of fiscal and monetary policy coordination is proposed and discussed to conclude that it deserves a great deal more attention and careful consideration than it has been given to in the past. Our overall conclusion is that discretionary application of fiscal and monetary policy in a coordinated and focused manner as a tool of macroeconomic policy deserves serious attention paid to it than hitherto.
Reference
Aghion, P., Angeletos, G.M., Banerjee, A., Manova, K. (2005) Volatility and Growth: Credit Constraints and Productivity-Enhancing Investment. u: NBER working paper no 11349
Alesina, A., Guido, T. (2005) Why is fiscal policy often procyclical?. u: Harvard University Discussion Paper 2090
Allsopp, C., Vines, D. (2005) The Macroeconomic Role of Fiscal Policy. Oxford Review of Economic Policy, 21(4): 485-508
Arestis, P. (2007) What is the new consensus in macroeconomics?. u: Arestis Philip [ur.] Is there a new consensus in macroeconomics?, Houndsmills, Basingstoke: Palgrave Macmillan, 22-43
Arestis, P. (2008) Fiscal policy within the new consensus macroeconomics framework. u: Creel Jérôme, Sawyer Malcolm [ur.] Current thinking on fiscal policy, Houndsmills, Basingstoke: Palgrave Macmillan
Arestis, P., Baddeley, M., Sawyer, M. (2007) The Relationship between Capital Stock, Unemployment and Wages in Nine EMU Countries. Bulletin of Economic Research, 59(2): 125-148
Bilbiie, F.O., Meier, A., Müller, G.J. (2006) What accounts for the changes in U. S. fiscal policy transmission?. ECB, Working Paper Series 582
Blanchard, O., Giavazzi, F. (2004) Improving the SGP through a Proper Accounting of Public Investment. u: CEPR Discussion Paper 4220
Blanchard, O., Perotti, R. (2002) An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output. Quarterly Journal of Economics, 117(4): 1329-1368
Blanchard, O.J. (1985) Debt, deficits and finite horizons. Journal of Political Economy, april, str. 223-247
Blinder, A. (2006) The Case against the Case against Discretionary Fiscal Policy. u: Kopcke Richard W., Geoffrey M. B. Tootell, Robert K. Triest [ur.] The Macroeconomics of Fiscal Policy, London: MIT Press, 25-61
Botman, D., Kumar, M.S. (2006) Fundamental determinants of the effects of fiscal policy. IMF, Working Paper 06/72
Campbell, J.Y., Mankiw, G.N. (1989) Consumption, income and interest rates: Reinterpreting the time series evidence. u: Blanchard Olivier J., Fischer Stanley [ur.] NBER macroeconomics annual 1989, Boston: MIT Press, 185-216
Coenen, G., Roland, S. (2005) Does government spending crowd in private consumption?: Theory and empirical evidence for the Euro area. IMF Working Paper 05/159
Creel, J., Monperrus, P., Saraceno, F. (2006) Estimating the impact of public investment for the United Kingdom: Has the golden rule of public finance made a difference?. u: Research department public finance workshop: Fiscal indicators, Perugia, Banca dItalia, 373-403
Eggertsson, G.B. (2006) Fiscal multipliers and policy coordination. New York: Federal Reserve Bank of New York, Staff Reports 241
Eisner, R. (1989) Budget deficits: Rhetoric and reality. Journal of Economic Perspectives, 3(2), str. 73-93
Eisner, R., Pieper, P.J. (1984) A new view of the federal debt and budget deficits. American Economic Review, mart, str. 11-29
Gali, J., Perotti, R. (2003) Fiscal policy and monetary integration in Europe. Economic Policy, vol. 18, issue 37, str. 560-561., oct
Gali, J.J., David, L., Valles, J. (2004) Understanding the effect of government spending on consumption. u: ECB Working Paper 339
Gopinath, G. (2004) Comments to Kaminsky et al. u: Gertler Mark, Rogoff Kenneth [ur.] NBER macroeconomic annual, Cambridge: MIT Press, 54-61
Hemming, R., Kell, M., Mahfouz, S. (2002) The effectiveness of fiscal policy in stimulating economic activity: A review of the literature. IMF, Working Paper 02/208
Hjelm, G. (2002) Is private consumption growth higher (lower) during periods of fiscal contractions (expansions)?. Journal of Macroeconomics, 24(1): 17-39
Kaminsky, G., Reinhart, C., Ve'gh, C. (2004) When it rains it pours: Procyclical capital flows, and macroeconomic policies. NBER, Working Paper br. 10780
Krugman, P. (2005) Is Fiscal Policy Poised for a Comeback?. Oxford Review of Economic Policy, 21(4): 515-523
Leith, C., Wren-Lewis, S. (2005) Fiscal Stabilization Policy and Fiscal Institutions. Oxford Review of Economic Policy, 21(4): 584-597
Linnemann, L., Schabert, A. (2003) Fiscal Policy in the New Neoclassical Synthesis. Journal of Money, Credit, and Banking, 35(6a): 911-929
Mankiw, G.N. (2000) The savers-spenders theory of fiscal policy. American Economic Review, 90(1), str. 120-125
Mihov, I. (2003) Discussion of 'Understanding the Effects of Government Spending on Consumption. Galí Jordi, López-Salido David J., Vallés Javier [ur.] http://faculty.insead.edu
Perotti, R. (2005) Estimating the Effects of Fiscal Policy in OECD Countries. CEPR Discussion Paper 4842
Perotti, R. (2007) Fiscal Policy in Developing Countries: A Framework. World Bank Development Research Group Working Paper 4365
Persson, T., Tabellini, G. (2000) Political economics: Explaining economic policy. Cambridge: MIT Press
Rigobon, R. (2004) Comments to Kaminsky et al. u: NBER Macroeconomic Annual Mark Gertler and Kenneth Rogoff, Cambridge: MIT Press, 62-79
Servén, L. (2007) Fiscal rules, public investment, and growth. u: World Bank Development Research Group Working Paper 4382
Smets, F., Wouters, R. (2003) An Estimated Stochastic Dynamic General Equilibrium Model of the Euro Area. Journal of the European Economic Association, 1(4): 1123-1175
Strauss-Khan, D. (2011) Global challenges, global solutions. George Washington University, http://www.imf.org/external/np/speeches/2011/040411.htm
Taylor, J.B. (2000) Reassesing discretionary fiscal policy. Journal of Economic Perspectives, 14, 3, str. 21-36
Treasury, H.M. (2002) Reforming Britains economic and financial policy. Basingstoke: Palgrave Macmillan
Treasury, H.M. (2003) Fiscal stabilization and EMU. HM Treasury, Discussion Paper
Vanaarle, B., Garretsen, H. (2003) Keynesian, non-Keynesian or no effects of fiscal policy changes? The EMU case. Journal of Macroeconomics, 25(2): 213-240
Weil, P. (1989) Overlapping families of infinitely-lived agents. Journal of Public Economics, 38(2): 183-198
Wren-Lewis, S. (2000) The limits to discretionary fiscal stabilization policy. Oxford Review of Economic Policy, 16(4): 92-105
 

O članku

jezik rada: engleski
vrsta rada: izvorni naučni članak
DOI: 10.2298/PAN1102143A
objavljen u SCIndeksu: 12.07.2011.