Rethinking the Role of Fiscal Policy

13 Pages Posted: 31 Jan 2009 Last revised: 17 Aug 2010

See all articles by Martin S. Feldstein

Martin S. Feldstein

National Bureau of Economic Research (NBER) (deceased); Harvard University (deceased)

Date Written: January 2009

Abstract

As recently as two years ago there was a widespread consensus among economists that fiscal policy is not useful as a countercyclical instrument. Now governments in Washington and around the world are developing massive fiscal stimulus packages, supported by a wide range of economists in universities, governments, and businesses.Why has this change occurred? What are the principles for designing a potentially useful fiscal stimulus? And what will happen if the current fiscal stimulus fails?

Suggested Citation

Feldstein, Martin S., Rethinking the Role of Fiscal Policy (January 2009). NBER Working Paper No. w14684, Available at SSRN: https://ssrn.com/abstract=1335709

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