Fiscal Policy in a Depressed Economy [with Comments and Discussion]

In a depressed economy, with short-term nominal interest rates at their zero lower bound, ample cyclical unemployment, and excess capacity, increased government purchases would be neither offset by the monetary authority raising interest rates nor neutralized by supply-side bottlenecks. Then even a...

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Veröffentlicht in:	Brookings papers on economic activity 2012-04, Vol.2012 (1), p.233-297
Hauptverfasser:	DELONG, J. BRADFORD, SUMMERS, LAWRENCE H., FELDSTEIN, MARTIN, RAMEY, VALERIE A.
Format:	Artikel
Sprache:	eng
Schlagworte:	Authority Central banks Economic policy Economic recessions Economics Economists Fear Financial economics Fiscal policy Government spending Interest rates Monetary policy Potential output Public debt Unemployment
Online-Zugang:	Volltext
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