MACROECONOMICS OF FISCAL POLICY KOPCKE R., TOOTELL G., TRIEST R. Księgarnia

The United States's post-World War II emphasis on activist fiscal policy for short-term economic stabilization was called into question in the 1960s, and by the late 1980s was superseded by the view that fiscal policy should focus on long-run structural concerns. For the past two decades both public policy and economic research emphasized monetary policy as a stabilization tool. But there remain issues in American macroeconomic policy having to do with budget deficits, present and projected, as well as a recent revival of interest in fiscal policy as a stabilization tool. Overall, the academic pendulum is swinging back towards a renewed consideration of fiscal policy.

This volume brings together leading researchers and policy makers to assess the effectiveness and consequences of fiscal policy. Drawing on postwar policy experience and recent economic research, this book offers a state-of-the-art consideration of where fiscal policy stands today. Contributors address both the appropriateness of fiscal policy as a tool for short-run macroeconomic stabilization and the longer-term impact of fiscal decisions and economic policy. Topics covered include the legacy of the Reagan administration's tax cuts; whether public policy has encouraged such behavior as "overconsumption," which may foster persistent budget and trade deficits; and, in light of recent experience, how and when fiscal policy might be appropriate as a short-term stabilization tool.

"As the United States confronts a future that must grapple with the need to provide adequate health care, rebuild infrastructure, and fund retirement, including covering failed private pensions, this book provides a timely reminder of past successes and past failures at dealing with these issues. There is much to be learned from U.S. fiscal policy over the past sixty years if at least the more obvious mistakes are to be avoided."
- Francesco Giavazzi, Bocconi University and MIT

"After a decade of nearly undivided attention to monetary policy issues, macroeconomists are increasingly turning their minds to problems related to fiscal policy. The present volume provides an excellent example of this renewed interest. Students, researchers, and policymakers alike will find much to learn from it."
- Jordi Galí, Director and Senior Researcher, CREI, Barcelona

Table of Contents

Acknowledgments

1 Introduction

1 Introduction: The Macroeconomics of Fiscal Policy
Richard Kopcke, Geoffrey M. B. Tootell and Robert K. Triest

2 Can Fiscal Policy Improve Macro Stabilization?

The Case Against the Case Against Discretionary Fiscal Policy
Alan S. Blinder

Comments on Blinder's "Case Against the Case Against Discretionary Fiscal Policy"
Olivier J. Blanchard

Comments on Blinder's "Case Against the Case Against Discretionary Fiscal Policy"
Christopher A. Sims

3 American Fiscal Policy in the Post-War Era: An Interpretive History

American Fiscal Policy in the Post-War Era: An Interpretive History
Alan J. Auerbach

Comments on Auerbach's "American Fiscal Policy in the Post-War Era: An Interpretive History"
James S. Duesenberry

Comments on Auerbach's "American Fiscal Policy in the Post-War Era: An Interpretive History"
Douglas W. Elmendorf

4 Fiscal Policy in the Reagan Administration's First Term

Fiscal Policy from Kennedy to Reagan to G. W. Bush
C. Eugene Steuerle

Economic Policy in the First Reagan Administration: The Conflict Between Tax Reform and Countercyclical Management
W. Elliot Brownlee

Reflections on Congressional Fiscal Policy in the 1980s
Van Doorn Ooms

Fiscal Policy During President Reagan's First Term
Rudolph G. Penner

5 Government Finance in the Short and Long Run

Deficits and Debt in the Short and Long Run
Benjamin M. Friedman

Comments on Friedman's "Deficits and Debt in the Short and Long Run"
Susanto Basu

Comments on Friedman's "Deficits and Debt in the Short and Long Run"
Barry Bosworth

6 Is the United States Prone to "Overconsumption"?

Is the United States Prone to "Overconsumption"?
Jean-Philippe Cotis, Jonathan Coppel and Luiz de Mello

Comments on Cotis et al.'s "Is the United States Prone to 'Overconsumption'?"
Willem H. Buiter

7 The Twin Deficits - U.S. and International Perspectives

Budget and External Deficits: Not Twins but the Same Family
Edwin M. Truman

Twin Deficits and Twin Decades
Jeffrey A. Frankel

The Current Account and the Budget Deficit: A Disaggregated Perspective
Catherine L. Mann

What Can We Do About the "Twin" Deficits?
Alice M. Rivlin

Contributing Authors

Author Index

Subject Index

392 pages, paperback

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