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Fiscal Policy: The Wrench in the New Economic Consensus

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  • Pavlina Tcherneva

Abstract

The so-called new economic consensus has begun to reassess the role and place of fiscal policy and is calling for its restitution in certain cases. Although a "consensus" may exist on various macroeconomic issues within this literature, fiscal policy is not one of them. The debate is stirred largely by the new fiscal theory of the price level, which not only reintroduces fiscal policy effectiveness but also undermines some core neoclassical notions such as government budget constraints, central bank independence, and the quantity equation relationship. The paper evaluates these new developments in the policy writings and actions of current Federal Reserve chairman Ben Bernanke.

Suggested Citation

  • Pavlina Tcherneva, 2010. "Fiscal Policy: The Wrench in the New Economic Consensus," International Journal of Political Economy, Taylor & Francis Journals, vol. 39(3), pages 24-44.
    • Handle: RePEc:mes:ijpoec:v:39:y:2010:i:3:p:24-44
    DOI: 10.2753/IJP0891-1916390302
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    Cited by:

    1. Gennaro Zezza, 2012. "The impact of fiscal austerity in the Eurozone," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(0), pages 37-54.
    2. Pavlina R. Tcherneva, 2013. "Reorienting Fiscal Policy: A Critical Assessment of Fiscal Fine-Tuning," Economics Working Paper Archive wp_772, Levy Economics Institute.

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