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Lessons from failure: Fiscal policy, indulgence and ideology.

Abstract:

Macroeconomic theory clearly suggests that at the zero lower bound, fiscal contraction will reduce output and slow any recovery. Yet in 2010 the focus of fiscal policy in many countries switched from supporting activity to reducing debt, despite the fact that the recovery from recession often appeared weak. While high levels of public debt can explain this switch in some countries, it does not provide a satisfactory account in others. In addition, the possibility of using balanced budget fisc...

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Publisher copy:
10.1177/0027950111420919

Authors


Simon Wren-Lewis More by this author
Journal:
National Institute Economic Review
Volume:
217
Issue:
1
Publication date:
2011-07-05
DOI:
URN:
uuid:155a824b-d89a-4821-b8eb-f47ee64d8a67
Local pid:
oai:economics.ouls.ox.ac.uk:15212
Language:
English

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