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The effectiveness of fiscal policy

In: Fiscal Policy in a Turbulent Era

Author

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  • Javier Andrés

Abstract

Government spending and tax multipliers capture the effectiveness of fiscal policy as a stabilization tool. This chapter first discusses the abundant evidence on the value of these multipliers, derived from various empirical and theoretical approaches, in different countries and economic circumstances. It pays particular attention to the fundamental change in the views held by policymakers and scholars regarding the role of discretionary fiscal policy in the aftermath of the Great Financial Crisis. Some of the lessons learned during this period extend beyond the recent troubled times and call for a careful design of fiscal interventions to promote stability and growth in the face of new global challenges, but against the backdrop of weak public finances in many jurisdictions.

Suggested Citation

  • Javier Andrés, 2024. "The effectiveness of fiscal policy," Chapters, in: Enrique Alberola (ed.), Fiscal Policy in a Turbulent Era, chapter 6, pages 86-102, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21915_6
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035300563.00016
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