Fiscal austerity vs. expansionary fiscal policy: on the results of these opposed economic policies applied to fight recessions

Joaquim Vergés-Jaime
Journal of Economic Policy Reform, 2023
Level: leicht
Perspektive: Postkeynesianismus
Thema: Krisen, Institutionen, Regierungen & Politik, Makroökonomik, Reflexion der Ökonomik
Format: Zeitschriftenartikel & Buchbeitrag
Link: https://www.tandfonline.com/eprint/RPPHR5DGRWPNWFYIBZEJ/full?target=10.1080/17487870.2023.2238109

This paper presents an inquiry into the observed results when governments have implemented one or other type of (opposed) economic policy prescribed in economics to reverse the consequences of a global economic crisis –like that unleashed in 2008. An updated assessment of the evidence in this respect is developed, through a review of available empirical studies and analysis of the outcomes - in terms of recovery of economic activity - of having applied one and the other ‘competing’ economic policies. The approach focuses on the causal relationships involved, mainly between variations in public spending/fiscal deficit and changes in economic activity’s indicators. The paper elaborates mainly on the empirical pieces of evidence regarding the topic.

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