scholarly journals Fiscal Policy in the United States: Automatic Stabilizers, Discretionary Fiscal Policy Actions, and the Economy

2010 ◽  
Author(s):  
Byron F. Lutz ◽  
Glenn R. Follette
Keyword(s):  
United States ◽  
Fiscal Policy ◽  
The United States ◽  
Discretionary Fiscal Policy ◽  
Automatic Stabilizers

scholarly journals The role of automatic stabilizers in business cycle: the case of indonesia

2021 ◽  
Vol 10 (2) ◽  
pp. 167-184
Author(s):  
Haryo Kuncoro
Keyword(s):  
Fiscal Policy ◽  
Standard Model ◽  
Policy Instrument ◽  
Economic Stability ◽  
Fiscal Stimulus ◽  
Quarterly Data ◽  
Discretionary Fiscal Policy ◽  
The Impact ◽  
Automatic Stabilizers

TThe use of large fiscal stimulus packages to dampen the impact of Covid-19 recently has raised concerns about the effectiveness of the discretionary fiscal policy. This paper aims at analysing the feasibility of automatic fiscal stabilisers to mitigate economic fluctuations in the case of Indonesia. Using the IMF standard model for quarterly data over the period of 2001(1) to 2019(4), we find that the role of automatic fiscal stabilisers is getting greater both in revenue and spending. This implies that the automatic fiscal stabilisers are feasible as the main fiscal policy instrument for economic stability goals in the future. However, given the existing circumstances, Indonesia has to reform economic, regulatory, and institutional ecosystems in adopting the automatic fiscal stabilisers.

War and the Next Lesson

Money ◽  
2017 ◽  
Author(s):  
John Kenneth Galbraith ◽  
James K. Galbraith
Keyword(s):  
United States ◽  
Monetary Policy ◽  
World War Ii ◽  
Fiscal Policy ◽  
World War I ◽  
Great Depression ◽  
The United States ◽  
World War ◽  
John Maynard Keynes ◽  
The Great Depression

This chapter examines the lessons of World War II with respect to money and monetary policy. World War I exposed the fragility of the monetary structure that had gold as its foundation, the great boom of the 1920s showed how futile monetary policy was as an instrument of restraint, and the Great Depression highlighted the ineffectuality of monetary policy for rescuing the country from a slump—for breaking out of the underemployment equilibrium once this had been fully and firmly established. On the part of John Maynard Keynes, the lesson was that only fiscal policy ensured not just that money was available to be borrowed but that it would be borrowed and would be spent. The chapter considers the experiences of Britain, Germany, and the United States with a lesson of World War II: that general measures for restraining demand do not prevent inflation in an economy that is operating at or near capacity.

The Present as the Future, 2

2017 ◽  
Author(s):  
John Kenneth Galbraith
Keyword(s):  
United States ◽  
Human Capital ◽  
Fiscal Policy ◽  
The United States ◽  
Market Discipline ◽  
Industrial Countries ◽  
The Future ◽  
To Come ◽  
Monetary And Fiscal Policy ◽  
Future 2

This chapter examines various developments in economics that are part of the present and will contend against the neoclassical tradition for recognition in the future. Industrial countries, including the United States, have already become deeply concerned with the economic ideas and more especially their practice in Japan. The chapter considers some of the lessons to come and that are coming from Japan, such as the industry–government cooperation and investment in human capital, It also discusses a number of ways to escape market discipline and deal with competition, including a return to tariff protection, and how the distinction between microeconomics and macroeconomics will blur and disappear due to factors such as the dynamic of prices and wages as a determinant of both inflation and unemployment. Finally, it comments on the future of domestic monetary and fiscal policy in relation to a nation's international position.

Economic Policy

2019 ◽  
pp. 173-195
Author(s):  
William Keech ◽  
William Scarth
Keyword(s):  
United States ◽  
Economic Growth ◽  
Economic Policy ◽  
Fiscal Policy ◽  
Income Distribution ◽  
Political Institutions ◽  
Productivity Growth ◽  
The United States ◽  
Economic Policies ◽  
Sustainable Fiscal Policy

This chapter identifies the differing policies and outcomes that Canadians and Americans have pursued with respect to economic growth, stabilization, and income distribution, and it analyzes several factors that can partially explain why divergent policy choices have emerged. The United States (U.S.) has recorded better productivity growth, while Canada has achieved a more sustainable fiscal policy, a less fragile financial sector, and more generous distributional policies. These contrasting outcomes are related to differences in size and geography, in political culture, and in political institutions. The analysis also considers how much it may be possible for each country’s policymakers to benefit from the other’s experiences. While identifying some lessons in this regard, the authors conclude that the sheer difference in the size of the two economies affects which economic policies can be expected to be effective. As a result, it is concluded that convergence in economic policymaking will remain somewhat limited.

Louis Fisher on Congress and the Budget: Institutional Responsibility and Other Taboos

2013 ◽  
Vol 46 (03) ◽  
pp. 510-514
Author(s):  
Jasmine Farrier
Keyword(s):  
United States ◽  
Fiscal Policy ◽  
Political Science ◽  
Separation Of Powers ◽  
The United States ◽  
Public Intellectual ◽  
Power Balance ◽  
Elected Leaders ◽  
Institutional Responsibility

The serial fiscal policy and budgeting woes of the United States over the last three decades have been compounded by a bipartisan evasion of institutional responsibility by elected leaders. Long before “sequestration” and “fiscal cliffs,” Louis Fisher argued that presidents and members of the House and Senate undermined constitutional power balance and the spirit of budgeting law. A variety of ill-conceived process “reforms” further damaged the separation of powers system. As a scholar, Fisher uses an institutional lens to explore budget concepts that are rare in political science, such ascapacity, accountability, andduty. And as a public intellectual, Fisher's relevance has been secured by his repeatedly broaching these scholarly and political taboos.

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