Business Cycles and Macroeconomic Stability Should We Rebuild Built-in Stabilizers?
Setting the issue "Most economists consider the marked increase in automatic stabilizers a highly favorable development with respect to maintenance of economic stability". Besides the rare privilege of having being signed by both Milton Friedman and Paul Samuelson (Depres,Friedman, Hart, S...
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| Ausgabe: | 1st ed. 1997 |
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| 520 | |a Setting the issue "Most economists consider the marked increase in automatic stabilizers a highly favorable development with respect to maintenance of economic stability". Besides the rare privilege of having being signed by both Milton Friedman and Paul Samuelson (Depres,Friedman, Hart, Samuelson, and Wallace [1950]), among others, this sentence expressed as soon as 1950 the consensus view on the stabilizing effect of fiscal rules governing tax revenue and public expendi tures and transfers. This positive ex ante assessment will have been confirmed ex post as part of the explanation for post war stabilization (Burns [1960], de Long and Summers [1986], Moore and Zarnovitz [1986]). However, it becomes disputed in both its positive and normative aspects. Many institutional changes since the eighties point at curbing back the transfer mechanisms underlying automatic stabilizers, and legal restraints on deficits such as the US balanced budget amendment or the European Maastricht criteria would involve serious risks for the future of stabilizers. Under such rules "the government would become, almost inevitally, a destabilizer rather than a stabilizer" said Joseph Stiglitz, quoted by the New York Times (April 1995)). "Built-in stabilizers are automatic fiscal adjustments that reduce the national income multiplier and thus cushion the effects of changes in autonomous spend ing on the level of income" (Pechman [1987]). Early analyses of the automatic fiscal stabilizers include the contributions of A. G. Hart [1945], R. Musgrave and M. Miller (1948) and E. C. Brown (1955) | ||
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| index_date | 2024-07-03T15:15:37Z |
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| spelling | Business Cycles and Macroeconomic Stability Should We Rebuild Built-in Stabilizers? edited by Jean-Olivier Hairault, Pierre-Yves Hénin, Franck Portier 1st ed. 1997 New York, NY Springer US 1997 1 Online-Ressource (XXV, 341 p) txt rdacontent c rdamedia cr rdacarrier Setting the issue "Most economists consider the marked increase in automatic stabilizers a highly favorable development with respect to maintenance of economic stability". Besides the rare privilege of having being signed by both Milton Friedman and Paul Samuelson (Depres,Friedman, Hart, Samuelson, and Wallace [1950]), among others, this sentence expressed as soon as 1950 the consensus view on the stabilizing effect of fiscal rules governing tax revenue and public expendi tures and transfers. This positive ex ante assessment will have been confirmed ex post as part of the explanation for post war stabilization (Burns [1960], de Long and Summers [1986], Moore and Zarnovitz [1986]). However, it becomes disputed in both its positive and normative aspects. Many institutional changes since the eighties point at curbing back the transfer mechanisms underlying automatic stabilizers, and legal restraints on deficits such as the US balanced budget amendment or the European Maastricht criteria would involve serious risks for the future of stabilizers. Under such rules "the government would become, almost inevitally, a destabilizer rather than a stabilizer" said Joseph Stiglitz, quoted by the New York Times (April 1995)). "Built-in stabilizers are automatic fiscal adjustments that reduce the national income multiplier and thus cushion the effects of changes in autonomous spend ing on the level of income" (Pechman [1987]). Early analyses of the automatic fiscal stabilizers include the contributions of A. G. Hart [1945], R. Musgrave and M. Miller (1948) and E. C. Brown (1955) Macroeconomics/Monetary Economics//Financial Economics Economic Growth Public Economics Macroeconomics Economic growth Public finance Stabilitätspolitik (DE-588)4077791-1 gnd rswk-swf Konjunkturzyklus (DE-588)4032134-4 gnd rswk-swf (DE-588)1071861417 Konferenzschrift gnd-content Konjunkturzyklus (DE-588)4032134-4 s Stabilitätspolitik (DE-588)4077791-1 s DE-604 Hairault, Jean-Olivier (DE-588)170993922 edt Hénin, Pierre-Yves 1946- (DE-588)170078744 edt Portier, Franck 1964- (DE-588)129335495 edt Erscheint auch als Druck-Ausgabe 9781461378303 Erscheint auch als Druck-Ausgabe 9780792399070 Erscheint auch als Druck-Ausgabe 9781461561743 https://doi.org/10.1007/978-1-4615-6173-6 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Business Cycles and Macroeconomic Stability Should We Rebuild Built-in Stabilizers? Macroeconomics/Monetary Economics//Financial Economics Economic Growth Public Economics Macroeconomics Economic growth Public finance Stabilitätspolitik (DE-588)4077791-1 gnd Konjunkturzyklus (DE-588)4032134-4 gnd |
| subject_GND | (DE-588)4077791-1 (DE-588)4032134-4 (DE-588)1071861417 |
| title | Business Cycles and Macroeconomic Stability Should We Rebuild Built-in Stabilizers? |
| title_auth | Business Cycles and Macroeconomic Stability Should We Rebuild Built-in Stabilizers? |
| title_exact_search | Business Cycles and Macroeconomic Stability Should We Rebuild Built-in Stabilizers? |
| title_exact_search_txtP | Business Cycles and Macroeconomic Stability Should We Rebuild Built-in Stabilizers? |
| title_full | Business Cycles and Macroeconomic Stability Should We Rebuild Built-in Stabilizers? edited by Jean-Olivier Hairault, Pierre-Yves Hénin, Franck Portier |
| title_fullStr | Business Cycles and Macroeconomic Stability Should We Rebuild Built-in Stabilizers? edited by Jean-Olivier Hairault, Pierre-Yves Hénin, Franck Portier |
| title_full_unstemmed | Business Cycles and Macroeconomic Stability Should We Rebuild Built-in Stabilizers? edited by Jean-Olivier Hairault, Pierre-Yves Hénin, Franck Portier |
| title_short | Business Cycles and Macroeconomic Stability |
| title_sort | business cycles and macroeconomic stability should we rebuild built in stabilizers |
| title_sub | Should We Rebuild Built-in Stabilizers? |
| topic | Macroeconomics/Monetary Economics//Financial Economics Economic Growth Public Economics Macroeconomics Economic growth Public finance Stabilitätspolitik (DE-588)4077791-1 gnd Konjunkturzyklus (DE-588)4032134-4 gnd |
| topic_facet | Macroeconomics/Monetary Economics//Financial Economics Economic Growth Public Economics Macroeconomics Economic growth Public finance Stabilitätspolitik Konjunkturzyklus Konferenzschrift |
| url | https://doi.org/10.1007/978-1-4615-6173-6 |
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