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The Council of Economic Advisers: From Stabilization to Resource Allocation

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  • Feldstein, Martin

Abstract

This paper traces the changing role of the Council of Economic Advisers. In the 50 years since its creation, the CEA's focus has shifted from the design of policies to achieve full employment to one of advising on the much-enlarged spending and tax activities of the federal government. The CEA's original attention to achieving cyclical stability through fiscal policy diminished as economists changed their views about the inherent stability of the economy and the usefulness of fiscal policy. With the shift of macroeconomic policy to the Federal Reserve, the CEA's macroeconomic role has diminished but not disappeared. The rapid growth of government spending during the past five decades has greatly increased the role for the CEA in seeking efficient resource allocation.
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  • Feldstein, Martin, 1997. "The Council of Economic Advisers: From Stabilization to Resource Allocation," American Economic Review, American Economic Association, vol. 87(2), pages 99-102, May.
    • Handle: RePEc:aea:aecrev:v:87:y:1997:i:2:p:99-102
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    Cited by:

    1. Christopher J. Niggle, 2000. "The Political Economy of Social Security Reform Proposals," Journal of Economic Issues, Taylor & Francis Journals, vol. 34(4), pages 789-809, December.
    2. David Blau, 2003. "Child Care Subsidy Programs," NBER Chapters, in: Means-Tested Transfer Programs in the United States, pages 443-516, National Bureau of Economic Research, Inc.
    3. Pamela Loprest & Stefanie Schmidt & Ann Dryden Witte, 2000. "Welfare Reform under PRWORA: Aid to Children with Working Families?," NBER Chapters, in: Tax Policy and the Economy, Volume 14, pages 157-203, National Bureau of Economic Research, Inc.
    4. Robert Boyer, 1998. "De « La Théorie Générale » à la Nouvelle Économie Classique : Une réflexion sur la nouveauté en macroéconomie," Cahiers d'Économie Politique, Programme National Persée, vol. 33(1), pages 7-56.
    5. Bruno S. Frey, 2000. "Was Bewirkt die Volkswirtschaftslehre?," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 1(1), pages 5-33, February.
    6. Dell P. Champlin & Janet T. Knoedler, 1999. "Restructuring by Design: Government’s Complicity in Corporate Restructuring," Journal of Economic Issues, Taylor & Francis Journals, vol. 33(1), pages 41-57, March.
    7. Bruno Frey, 2006. "How Influential is Economics?," De Economist, Springer, vol. 154(2), pages 295-311, June.
    8. Ulf Papenfuß & Tobias Thomas, 2007. "Eine Lanze für den Sachverständigenrat? Plädoyer für eine differenziertere Analyse wirtschaftswissenschaftlicher Beratungsinstitutionen," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 8(4), pages 335-358, November.
    9. Brian Goff, 2010. "Do differences in presidential economic advisers matter?," Public Choice, Springer, vol. 142(3), pages 279-291, March.

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