Fiscal Policy after the Financial Crisis ( National Bureau of Economic Research Conference Report )

Publication series ：National Bureau of Economic Research Conference Report

Author： Alberto Alesina  

Publisher： University of Chicago Press‎

Publication year： 2013

E-ISBN: 9780226018584

P-ISBN(Paperback): 9780226018447

P-ISBN(Hardback):  9780226018447

Subject： F0 Economics

Keyword： Fiscal policy -- Congresses., Fiscal policy -- United States -- Congresses.

Language： ENG

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Description

The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth.

Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy.

A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.

Chapter

Contents

Acknowledgments

Introduction - Alberto Alesina and Francesco Giavazzi

1. Government Spending and Private Activity - Valerie A. Ramey

Comment: Roberto Perotti

2. Fiscal Multipliers in Recession and Expansion - Alan J. Auerbach and Yuriy Gorodnichenko

Comment: Robert E. Hall

3. The Household Effects of Government Spending - Francesco Giavazzi and Michael McMahon

Comment: Lawrence J. Christiano

4. The Role of Growth Slowdowns and Forecast Errors in Public Debt Crises - William Easterly

Comment: Indira Rajaraman

5. Game Over: Simulating Unsustainable Fiscal Policy - Richard W. Evans, Laurence J. Kotlikoff, and Kerk L. Phillips

Comment: Douglas W. Elmendorf

6. How Do Laffer Curves Differ across Countries? - Mathias Trabandt and Harald Uhlig

Comment: Jaume Ventura

7. Perceptions and Misperceptions of Fiscal Inflation - Eric M. Leeper and Todd B. Walker

Comment: Jordi Galí

8. The “Austerity Myth”: Gain without Pain? - Roberto Perotti

Comment: Philip R. Lane

9. Can Public Sector Wage Bills Be Reduced? - Pierre Cahuc and Stéphane Carcillo

Comment: Paolo Pinotti

10. Entitlement Reforms in Europe: Policy Mixes in the Current Pension Reform Process - Axel H. Börsch-Supan

Comment: David A. Wise

11. “Fiscal Devaluation” and Fiscal Consolidation: The VAT in Troubled Times - Ruud de Mooij and Michael Keen

Comment: James M. Poterba

12. Fiscal Rules: Theoretical Issues and Historical Experiences - Charles Wyplosz

Comment: Lucio R. Pench

13. The Electoral Consequences of Large Fiscal Adjustments - Alberto Alesina, Dorian Carloni, and Giampaolo Lecce

Comment: Thomas Romer

Contributors

Author Index

Subject Index

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