TY  - JOUR
AU  - Feldstein, Martin S
TI  - Rethinking the Role of Fiscal Policy
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 14684
PY  - 2009
Y2  - January 2009
DO  - 10.3386/w14684
UR  - http://www.nber.org/papers/w14684
L1  - http://www.nber.org/papers/w14684.pdf
N1  - Author contact info:
Martin S. Feldstein
E-Mail: N/A user is deceased
AB  - As recently as two years ago there was a widespread consensus among economists that fiscal policy is not useful as a countercyclical instrument. Now governments in Washington and around the world are developing massive fiscal stimulus packages, supported by a wide range of economists in universities, governments, and businesses.

Why has this change occurred? What are the principles for designing a potentially useful fiscal stimulus? And what will happen if the current fiscal stimulus fails?
ER  -