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Macroeconomics of Fiscal Policy

ISBN-10: 0262112957

ISBN-13: 9780262112956

Edition: 2005

Authors: Richard W. Kopcke, Geoffrey M. B. Tootell, Robert K. Triest

List price: $9.75
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Description:

The United States's post-World War II emphasis on activist fiscal policy for short-term economic stabilization was called into question in the 1960s, and by the late 1980s was superseded by the view that fiscal policy should focus on long-run structural concerns. For the past two decades both public policy and economic research emphasized monetary policy as a stabilization tool. But there remain issues in American macroeconomic policy having to do with budget deficits, present and projected, as well as a recent revival of interest in fiscal policy as a stabilization tool. Overall, the academic pendulum is swinging back towards a renewed consideration of fiscal policy. This volume brings together leading researchers and policy makers to assess the effectiveness and consequences of fiscal policy. Drawing on postwar policy experience and recent economic research, this book offers a state-of-the-art consideration of where fiscal policy stands today. Contributors address both the appropriateness of fiscal policy as a tool for short-run macroeconomic stabilization and the longer-term impact of fiscal decisions and economic policy. Topics covered include the legacy of the Reagan administration's tax cuts; whether public policy has encouraged such behavior as "overconsumption," which may foster persistent budget and trade deficits; and, in light of recent experience, how and when fiscal policy might be appropriate as a short-term stabilization tool. Contributors: Alan J. Auerbach, Susanto Basu, Olivier J. Blanchard, Alan S. Blinder, Barry P. Bosworth, W. Elliott Brownlee, William H. Buiter, Jonathan Coppel, Jean-Philippe Cotis, Luiz de Mello, James S. Duesenberry, Douglas W. Elmendorf, Eric Engen, Jeffrey A. Frankel, Benjamin M. Friedman, Richard W. Kopcke, Catherine L. Mann, Van Doorn Ooms, Rudolph G. Penner, Alice M. Rivlin, Christopher A. Sims, C. Eugene Steuerle, Geoffrey M.B. Tootell, Robert K. Triest, Edwin M. Truman
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Book details

List price: $9.75
Copyright year: 2005
Publisher: MIT Press
Publication date: 12/23/2005
Binding: Hardcover
Pages: 392
Size: 6.00" wide x 9.00" long x 1.00" tall
Weight: 1.430

Richard W. Kopcke is Visiting Scholar at the Federal Reserve Bank of Boston.

Geoffrey M. B. Tootell is Vice President and Economist at the Federal Reserve Bank of Boston.

Robert K. Triest is Senior Economist and Policy Advisor at the Federal Reserve Bank of Boston.

Acknowledgments
Introduction
Introduction: The Macroeconomics of Fiscal Policy
Can Fiscal Policy Improve Macro Stabilization? The Case
Against the Case Against Discretionary Fiscal Policy
Comments on Blinder's "Case Against the Case Against Discretionary Fiscal Policy"
Comments on Blinder's "Case Against the Case Against Discretionary Fiscal Policy"
American Fiscal Policy in the Post-War Era: An Interpretive History
American Fiscal Policy in the Post-War Era: An Interpretive History
Comments on Auerbach's "American Fiscal Policy in the Post-War Era: An Interpretive History"
Comments on Auerbach's "American Fiscal Policy in the Post-War Era: An Interpretive History"
Fiscal Policy in the Reagan Administration's First Term
Fiscal Policy from Kennedy to Reagan to G. W. Bush
Economic Policy in the First Reagan Administration: The Conflict Between Tax Reform and Countercyclical Management
Reflections on Congressional Fiscal Policy in the 1980s
Fiscal Policy During President Reagan's First Term
Government Finance in the Short and Long Run
Deficits and Debt in the Short and Long Run
Comments on Friedman's "Deficits and Debt in the Short and Long Run"
Comments on Friedman's "Deficits and Debt in the Short and Long Run"
Is the United States Prone to "Overconsumption"?
Is the United States Prone to "Overconsumption"?
Comments on Cotis et al.'s "Is the United States Prone to 'Overconsumption'?"
The Twin Deficits - U.S. and International Perspectives
Budget and External Deficits: Not Twins but the Same Family
Twin Deficits and Twin Decades
The Current Account and the Budget Deficit: A Disaggregated Perspective
What Can We Do About the "Twin" Deficits?
Contributing Authors
Author Index
Subject Index