Modern Perspectives on Stabilisation Policies. Jordi Galí CREI, UPF, CEPR and NBER. Norges Bank April 27, 2005. Two Keynesian Themes Revisited. The Social Waste of Recessions The Effectiveness of Fiscal Policy as a Stabilisation Tool.
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CREI, UPF, CEPR and NBER
April 27, 2005
Contradicts predictions of RBC and NK models
satisfied under plausible calibrations
Estimates of Output Gap Coefficient:
increasingly countercyclical discretionary fiscal policies
increasingly aggressive use of fiscal policy to fight recessions
“We Are All Keynesians Now”
Richard Nixon, 1972