TY  - JOUR
AU  - Feldstein, Martin
TI  - The CEA: From Stabilization to Resource Allocation
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 5908
PY  - 1997
Y2  - January 1997
DO  - 10.3386/w5908
UR  - http://www.nber.org/papers/w5908
L1  - http://www.nber.org/papers/w5908.pdf
N1  - Author contact info:
Martin S. Feldstein
E-Mail: N/A user is deceased
AB  - This paper traces the changing role of the Council of Economic Advisers.  In the 50 years since its creation, the CEA's focus has shifted from the design of policies to achieve full employment to one of advising on the much-enlarged spending and tax activities of the federal government.  The CEA's original attention to achieving cyclical stability through fiscal policy diminished as economists changed their views about the inherent stability of the economy and the usefulness of fiscal policy. With the shift of macroeconomic policy to the Federal Reserve, the CEA's macroeconomic role has diminished but not disappeared. The rapid growth of government spending during the past five decades has greatly increased the role for the CEA in seeking efficient resource allocation.
ER  -