31:
1535:, on the other hand, is a measure to increase tax rates and decrease government spending. It occurs when government deficit spending is lower than usual. This has the potential to slow economic growth if inflation, which was caused by a significant increase in aggregate demand and the supply of money, is excessive. By reducing the economy's amount of aggregate income, the available amount for consumers to spend is also reduced. So, contractionary fiscal policy measures are employed when unsustainable growth takes place, leading to inflation, high prices of investment, recession and unemployment above the "healthy" level of 3%–4%.
482:
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get the economy out of the recession. When a deep recession takes place, it is not sufficient to rely just on monetary policy to restore the economic equilibrium. Each side of these two policies has its differences, therefore, combining aspects of both policies to deal with economic problems has become a solution that is now used by the US. These policies have limited effects; however, fiscal policy seems to have a greater effect over the long-run period, while monetary policy tends to have a short-run success.
1434:
Additionally, fiscal policy can potentially have more supply-side effects on the economy: to reduce inflation, the measures of increasing taxes and lowering spending would not be preferred, so the government might be reluctant to use these. Monetary policy is generally quicker to implement as interest rates can be set every month, while the decision to increase government spending might take time to figure out which area the money should be spent on.
419:
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1529:. It involves government spending exceeding tax revenue by more than it has tended to, and is usually undertaken during recessions. Examples of expansionary fiscal policy measures include increased government spending on public works (e.g., building schools) and providing the residents of the economy with tax cuts to increase their purchasing power (in order to fix a decrease in the demand).
1823:
1664:
The concept of a fiscal straitjacket is a general economic principle that suggests strict constraints on government spending and public sector borrowing, to limit or regulate the budget deficit over a time period. Most US states have balanced budget rules that prevent them from running a deficit. The
1441:
occurs when interest rate cuts are insufficient as a demand booster as banks do not want to lend and the consumers are reluctant to increase spending due to negative expectations for the economy. Government spending is responsible for creating the demand in the economy and can provide a kick-start to
1907:
the debt. When governments fund a deficit with the issuing of government bonds, interest rates can increase across the market, because government borrowing creates higher demand for credit in the financial markets. This decreases aggregate demand for goods and services, either partially or entirely
1543:
cause cyclic fluctuations of tax revenues and of some types of government spending, altering the deficit situation; these are not considered to be policy changes. Therefore, for purposes of the above definitions, "government spending" and "tax revenue" are normally replaced by "cyclically adjusted
1975:
Some economists are concerned about potential inflationary effects driven by increased demand engendered by a fiscal stimulus. In theory, fiscal stimulus does not cause inflation when it uses resources that would have otherwise been idle. For instance, if a fiscal stimulus employs a worker who
1928:
issued from a country executing expansionary fiscal policy now offer a higher rate of return. In other words, companies wanting to finance projects must compete with their government for capital so they offer higher rates of return. To purchase bonds originating from a certain country, foreign
1630:
but can also be funded by issuing equity. Bonds pay interest, either for a fixed period or indefinitely that is funded by taxpayers as a whole. Equity offers returns on investment (interest) that can only be realized in discharging a future tax liability by an individual taxpayer. If available
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Since the 1970s, it became clear that monetary policy performance has some benefits over fiscal policy due to the fact that it reduces political influence, as it is set by the central bank (to have an expanding economy before the general election, politicians might cut the interest rates).
1356:
to advance its economic objectives. The combination of these policies enables these authorities to target inflation and to increase employment. In modern economies, inflation is conventionally considered "healthy" in the range of 2%–3%. Additionally, it is designed to try to keep
1923:
view, expansionary fiscal policy also decreases net exports, which has a mitigating effect on national output and income. When government borrowing increases interest rates it attracts foreign capital from foreign investors. This is because, all other things being equal, the
1643:
refers to the government borrowing from the public. It is impossible for a government to "default" on its equity since the total returns available to all investors (taxpayers) are limited at any point by the total current year tax liability of all investors.
1544:
government spending" and "cyclically adjusted tax revenue". Thus, for example, a government budget that is balanced over the course of the business cycle is considered to represent a neutral and effective fiscal policy stance.
2031:
1487:
Depending on the state of the economy, fiscal policy may reach for different objectives: its focus can be to restrict economic growth by mediating inflation or, in turn, increase economic growth by decreasing
1807:, stimulate it, while decreasing spending and increasing taxes after the economic expansion has already taken place. Additionally, Keynesians argue that expansionary fiscal policy should be used in times of
1903:
that may offset the stimulative impact of spending. When the government runs a budget deficit, funds will need to come from public borrowing (the issue of government bonds), overseas borrowing, or
1937:
increases. The increased demand, in turn, causes the currency to appreciate, reducing the cost of imports and making exports from that country more expensive to foreigners. Consequently,
1473:
should be avoided." In 2011, a follow-up survey of 568 AEA members found that the previous consensus about the latter proposition had dissolved and was by then roughly evenly disputed.
1669:, but it is not a meaningful constraint because the cap can be raised as easily as spending can be authorized, and the cap is almost always raised before the debt gets that high.
1492:, encouraging spending on different projects that act as stimuli to economic growth and enabling borrowing and spending. The three stances of fiscal policy are the following:
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is another way of understanding the effects of fiscal expansion. As the government increases spending, there will be a shift in the IS curve up and to the right. In the
1964:
between the time of implementation and the time that most of the effects of the stimulus are felt could mean that the stimulus hits an already-recovering economy and
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to the original full employment (FE) level. Therefore, the IS-LM model shows that there will be an overall increase in the price level and real interest rates in the
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1407:, in that fiscal policy deals with taxation and government spending and is often administered by a government department; while monetary policy deals with the
2011:
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offsetting the direct expansionary impact of the deficit spending, thus diminishing or eliminating the achievement of the objective of a fiscal stimulus.
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Keynesian theory posits that removing spending from the economy will reduce levels of aggregate demand and contract the economy, thus stabilizing prices.
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1815:. In theory, the resulting deficits would be paid for by an expanded economy during the expansion that would follow; this was the reasoning behind the
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Larch, M. and J. Nogueira
Martins (2009). Fiscal Policy Making in the European Union: An Assessment of Current Practice and Challenges. Routledge.
1960:(the time lag involved in implementing it), which is almost inevitably long because of the substantial legislative effort involved. Further, the
1980:, there is no inflationary effect; however, if the stimulus employs a worker who otherwise would have had a job, the stimulus is increasing
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view of economics suggests that increasing government spending and decreasing the rate of taxes are the best ways to have an influence on
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Governments use fiscal policy to influence the level of aggregate demand in the economy, so that certain economic goals can be achieved:
1515:) is roughly the same as it has been on average over time, so no changes to it are occurring that would have an effect on the level of
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and increases aggregate demand, placing upward pressure on supply. To meet the short-run increase in aggregate demand, firms increase
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economists generally emphasize crowding out while
Keynesians argue that fiscal policy can still be effective, especially in a
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The IS curve shifts to the right, increasing real interest rates (r) and expansion in the "real" economy (real GDP, or Y).
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or low economic activity as an essential tool for building the framework for strong economic growth and working towards
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Changes in the level and composition of taxation and government spending can affect macroeconomic variables, including:
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on a wide variety of things, from the military and police to services such as education and health care, as well as
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approach to economic management became unworkable. Fiscal policy is based on the theories of the
British economist
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Macek, R; Janků, J. (2015) "The Impact of Fiscal Policy on
Economic Growth Depending on Institutional Conditions"
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Heyne, P. T., Boettke, P. J., Prychitko, D. L. (2002). The
Economic Way of Thinking (10th ed). Prentice Hall.
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However, these definitions can be misleading because, even with no changes in spending or tax laws at all,
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A fiscal surplus is often saved for future use, and may be invested in either local currency or any
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of 4%–5%. This implies that fiscal policy is used to stabilise the economy over the course of the
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theorised that government changes in the levels of taxation and government spending influence
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The recession of the 2000s decade shows that monetary policy also has certain limitations. A
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government revenue is insufficient to support the interest payments on bonds, a nation may
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1449:(AEA) found that while 84 percent generally agreed with the statement "Fiscal policy has a
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797:
642:
2455:
2184:
Fuller, Dan; Geide-Stevenson, Doris (Fall 2003). "Consensus Among
Economists: Revisited".
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that may be traded later once resources are needed and the additional debt is not needed.
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to influence a country's economy. The use of government revenue expenditures to influence
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Pettinger, T. (2017). "Difference between monetary and fiscal policy", EconomicsHelp.org
2355:, Working Papers Series wp800, William Davidson Institute at the University of Michigan.
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62:
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Use of government revenue collection and expenditure to influence a country's economy
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Simonsen, M.H. The
Econometrics and The State Brasilia University Editor, 1960–1964.
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1419:. Both fiscal and monetary policies influence a country's economic performance.
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is used by the government when trying to balance the contraction phase in the
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Fiscal Reform and its Firm-Level
Effects in Eastern Europe and Central Asia
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2006:
1981:
1977:
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Amadeo, K. (2018). "Fiscal Policy Types, Objectives, and Tools", Dotdash
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into the country undergoing fiscal expansion, demand for that country's
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1957:
1946:
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investors must obtain that country's currency. Therefore, when foreign
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Procyclical and countercyclical variables § Economic policy making
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2106:. Upper Saddle River, New Jersey: Pearson Prentice Hall. p. 387.
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2361:
Schmidt, M (2018). "A Look at Fiscal and
Monetary Policy", Dotdash
2348:(2003). The Economic Theory of Fiscal Policy, Volume 3. Routledge.
1858:, which shifts the LM curve back, and thus, returning the general
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1512:
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economy", 71 percent also generally agreed with the statement "
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287:
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National fiscal policy response to the late 2000s recession
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are the key strategies used by a country's government and
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1358:
1313:
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Acemoglu, Daron; David I. Laibson; John A. List (2018).
1822:
2098:
1972:
rather than stimulating the economy when it needs it.
1781:
Gross fixed capital formation § Economic analysis
1499:
is usually undertaken when an economy is in neither a
2228:
2183:
2012:
2370:
Kramer, L. (2019). "What Is Fiscal Policy?", Dotdash
1667:
legal cap on the total amount of money it can borrow
1707:. Unsourced material may be challenged and removed.
1665:United States federal government technically has a
1547:
1361:growth at 2%–3% and the unemployment rate near the
3850:
2032:Interaction between monetary and fiscal policies
2308:"Cliff Notes, Economic Effecs of Fiscal Policy"
2132:"Difference between monetary and fiscal policy"
1899:: whether government borrowing leads to higher
1880:to stabilise prices when inflation is too high.
1647:
1348:and the level of economic activity. Fiscal and
3542:
2432:
1422:
1277:
442:
2358:D. Harries. Roger Fenton and the Crimean War
2229:Fuller, Dan; Geide-Stevenson, Doris (2014).
1916:where, they argue, crowding out is minimal.
1635:on its debts, usually to foreign creditors.
1618:A fiscal deficit is often funded by issuing
2125:
2123:
1877:to slow the pace of strong economic growth;
3549:
3535:
2439:
2425:
1284:
1270:
449:
435:
29:
1767:Learn how and when to remove this message
1415:and is often administered by a country's
2231:"Consensus Among Economists – An Update"
2120:
1821:
1589:money from the population or from abroad
1445:In 2000, a survey of 298 members of the
1403:Fiscal policy can be distinguished from
1328:variables developed in reaction to the
3851:
2278:(Second ed.). New York: Pearson.
2159:"A Look at Fiscal and Monetary Policy"
2150:
1956:use of fiscal stimulus because of the
1659:
594:Measures of national income and output
3530:
2420:
2129:
2065:
1705:adding citations to reliable sources
1676:
2516:Agent-based computational economics
2156:
1672:
13:
2071:
2017:Fiscal policy of the United States
1891:still debate the effectiveness of
1850:output. The increase in short-run
1564:benefits. This expenditure can be
1541:cyclic fluctuations of the economy
1379:and the level of economic activity
308:Trade / commerce ministry
14:
3870:
3556:
2377:
2236:The Journal of Economic Education
2187:The Journal of Economic Education
1895:. The argument mostly centers on
2974:neoclassical–Keynesian synthesis
1681:
1609:Selling equity to the population
1548:Methods of fiscal policy funding
1511:(the excess not financed by tax
1332:of the 1930s, when the previous
1251:
1239:
480:
417:
2330:
2104:Economics: Principles in Action
1945:increase, reducing demand from
1692:needs additional citations for
1568:in a number of different ways:
2267:
2102:; Sheffrin, Steven M. (2003).
2092:
1451:significant stimulative impact
1199:Publications in macroeconomics
1:
2910:Critique of political economy
2446:
2058:
1447:American Economic Association
2253:10.1080/00220485.2014.889963
1648:Dipping into prior surpluses
1613:
1592:Dipping into fiscal reserves
1580:, the benefit from printing
1533:Contractionary fiscal policy
7:
1999:
1952:Some economists oppose the
1507:. The amount of government
10:
3875:
3048:Real business-cycle theory
1988:remains fixed, leading to
1976:otherwise would have been
1778:
1523:Expansionary fiscal policy
1480:
1476:
1426:
1423:Monetary or fiscal policy?
950:New neoclassical synthesis
933:Real business-cycle theory
137:Deficit / surplus
3785:
3564:
3488:
3446:
3088:
2822:
2571:
2536:
2454:
2398:Resources in your library
2200:10.1080/00220480309595230
1866:due to fiscal expansion.
1363:natural unemployment rate
238:Monetary (currency) union
3838:Public policy by country
2408:Fiscal Policy topic page
2351:Anderson, J. E. (2005).
2074:"What Is Fiscal Policy?"
955:Saltwater and freshwater
2688:Industrial organization
2511:Computational economics
2412:Encyclopædia Britannica
1397:allocation of resources
883:International economics
808:Overlapping generations
3808:Public policy doctrine
2893:Modern monetary theory
2558:Experimental economics
2528:Pluralism in economics
2501:Mathematical economics
1869:Governments can use a
1827:
1471:activist fiscal policy
1465:should be left to the
1429:Monetary/fiscal debate
1226:Mathematical economics
977:Modern monetary theory
740:Universal basic income
349:Discretionary spending
3798:Public administration
3793:Evidence-based policy
1842:, which then reduces
1838:, this increases the
1825:
1628:gilt-edged securities
1497:Neutral fiscal policy
1066:Wesley Clair Mitchell
1041:Thomas Robert Malthus
878:Development economics
3813:Public policy school
2767:Social choice theory
2523:Behavioral economics
2506:Complexity economics
2245:Taylor & Francis
2138:. Economics.Help.org
1701:improve this article
1654:financial instrument
803:Ramsey–Cass–Koopmans
643:Liquidity preference
2851:American (National)
2551:Economic statistics
2130:Pettinger, Tejvan.
1873:to do two things:
1660:Fiscal straitjacket
1392:income distribution
1342:Keynesian economics
1338:John Maynard Keynes
1258:Business portal
1194:Macroeconomic model
1071:John Maynard Keynes
868:Economic statistics
813:General equilibrium
2157:Schmidt, Michael.
2136:Economics.Help.org
2100:O'Sullivan, Arthur
2027:Functional finance
1844:private investment
1840:real interest rate
1828:
1310:government revenue
1146:Edward C. Prescott
873:Monetary economics
354:Mandatory spending
278:Non-tariff barrier
216:Monetary authority
3846:
3845:
3771:
3764:
3757:
3718:
3711:
3682:
3675:
3656:
3649:
3642:
3635:
3628:
3621:
3614:
3600:
3524:
3523:
3055:New institutional
2384:Library resources
2314:on April 10, 2013
2285:978-0-13-449205-6
2113:978-0-13-063085-8
1777:
1776:
1769:
1751:
1558:transfer payments
1517:economic activity
1302:political science
1294:
1293:
1221:Political economy
1176:N. Gregory Mankiw
1166:Thomas J. Sargent
1011:Market monetarism
825:Endogenous growth
655:National accounts
459:
458:
400:Fiscal adjustment
3866:
3803:Public budgeting
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3760:
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3714:
3707:
3680:Renewable energy
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2728:Natural resource
2563:Economic history
2489:Mechanism design
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2417:
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2319:
2310:. Archived from
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2181:
2175:
2174:
2172:
2170:
2154:
2148:
2147:
2145:
2143:
2127:
2118:
2117:
2096:
2090:
2089:
2087:
2085:
2072:Kramer, Leslie.
2069:
1805:aggregate demand
1795:Economic growth.
1792:Full employment;
1789:Price stability;
1772:
1765:
1761:
1758:
1752:
1750:
1709:
1685:
1677:
1673:Economic effects
1509:deficit spending
1377:aggregate demand
1346:aggregate demand
1330:Great Depression
1286:
1279:
1272:
1256:
1255:
1246:Money portal
1244:
1243:
1242:
1156:William Nordhaus
1141:Robert Lucas Jr.
1031:François Quesnay
667:Nominal rigidity
638:Demand for money
616:Microfoundations
552:Financial crisis
532:Effective demand
502:Aggregate supply
497:Aggregate demand
484:
461:
460:
451:
444:
437:
421:
273:Gains from trade
263:Balance of trade
142:Finance ministry
33:
19:
18:
3874:
3873:
3869:
3868:
3867:
3865:
3864:
3863:
3849:
3848:
3847:
3842:
3818:Policy analysis
3781:
3560:
3555:
3525:
3520:
3517:Business portal
3484:
3483:
3482:
3442:
3206:von Böhm-Bawerk
3094:
3093:
3084:
2856:Ancient thought
2834:
2833:
2827:
2818:
2817:
2816:
2567:
2532:
2484:Contract theory
2469:Decision theory
2450:
2445:
2404:
2403:
2402:
2392:
2391:
2387:
2380:
2333:
2328:
2327:
2317:
2315:
2306:
2305:
2301:
2286:
2272:
2268:
2227:
2223:
2182:
2178:
2168:
2166:
2155:
2151:
2141:
2139:
2128:
2121:
2114:
2097:
2093:
2083:
2081:
2070:
2066:
2061:
2056:
2037:Monetary policy
2002:
1994:price inflation
1893:fiscal stimulus
1848:full-employment
1813:full employment
1783:
1773:
1762:
1756:
1753:
1716:"Fiscal policy"
1710:
1708:
1698:
1686:
1675:
1662:
1650:
1616:
1550:
1485:
1479:
1467:Federal Reserve
1453:on a less than
1431:
1425:
1405:monetary policy
1350:monetary policy
1290:
1250:
1240:
1238:
1231:
1230:
1189:
1181:
1180:
1161:Joseph Stiglitz
1121:Milton Friedman
1101:Friedrich Hayek
1026:
1016:
1015:
898:
888:
887:
858:
850:
849:
835:Mundell–Fleming
830:Matching theory
768:Keynesian cross
753:
745:
744:
715:
707:
706:
492:
455:
410:
409:
405:Monetary reform
395:
387:
386:
382:Price stability
377:Economic growth
372:Balanced budget
367:
359:
358:
339:Non-tax revenue
334:
333:
313:
312:
303:Trade diversion
258:
248:
247:
201:Discount window
184:
182:Monetary policy
174:
173:
108:
98:
97:
43:
17:
12:
11:
5:
3872:
3862:
3861:
3844:
3843:
3841:
3840:
3835:
3833:Youth services
3830:
3825:
3823:Policy studies
3820:
3815:
3810:
3805:
3800:
3795:
3789:
3787:
3783:
3782:
3780:
3779:
3774:
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3772:
3765:
3758:
3746:
3741:
3736:
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3721:
3720:
3719:
3712:
3709:Pharmaceutical
3700:
3695:
3690:
3685:
3684:
3683:
3676:
3673:Nuclear energy
3664:
3659:
3658:
3657:
3650:
3643:
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3629:
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3615:
3603:
3602:
3601:
3589:
3584:
3579:
3577:Climate change
3574:
3568:
3566:
3562:
3561:
3554:
3553:
3546:
3539:
3531:
3522:
3521:
3519:
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3486:
3485:
3481:
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3428:
3423:
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3408:
3403:
3398:
3393:
3388:
3383:
3378:
3373:
3368:
3363:
3358:
3353:
3348:
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3338:
3333:
3328:
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3298:
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3258:
3253:
3248:
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3198:
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3168:
3163:
3158:
3153:
3148:
3143:
3138:
3133:
3128:
3123:
3118:
3113:
3108:
3103:
3097:
3095:
3089:
3086:
3085:
3083:
3082:
3077:
3072:
3067:
3062:
3057:
3052:
3051:
3050:
3040:
3039:
3038:
3028:
3023:
3018:
3017:
3016:
3006:
3001:
2996:
2995:
2994:
2993:
2992:
2982:
2977:
2962:
2957:
2952:
2947:
2942:
2937:
2932:
2927:
2922:
2920:Disequilibrium
2917:
2912:
2907:
2902:
2897:
2896:
2895:
2885:
2880:
2875:
2870:
2869:
2868:
2858:
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2848:
2843:
2837:
2835:
2823:
2820:
2819:
2815:
2814:
2809:
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2799:
2794:
2789:
2784:
2779:
2774:
2769:
2760:
2755:
2750:
2745:
2740:
2735:
2733:Organizational
2730:
2725:
2720:
2715:
2710:
2705:
2700:
2695:
2690:
2685:
2680:
2675:
2670:
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2655:
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2645:
2640:
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2534:
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2530:
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2520:
2519:
2518:
2508:
2503:
2498:
2496:Macroeconomics
2493:
2492:
2491:
2486:
2481:
2476:
2471:
2464:Microeconomics
2460:
2458:
2452:
2451:
2444:
2443:
2436:
2429:
2421:
2415:
2414:
2401:
2400:
2394:
2393:
2382:
2381:
2379:
2378:External links
2376:
2375:
2374:
2371:
2368:
2365:
2362:
2359:
2356:
2349:
2343:
2340:
2337:
2332:
2329:
2326:
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2284:
2276:Macroeconomics
2266:
2221:
2194:(4): 369–387.
2176:
2149:
2119:
2112:
2091:
2063:
2062:
2060:
2057:
2055:
2054:
2049:
2044:
2039:
2034:
2029:
2024:
2019:
2014:
2009:
2003:
2001:
1998:
1992:and therefore
1990:wage inflation
1914:liquidity trap
1901:interest rates
1882:
1881:
1878:
1871:budget surplus
1797:
1796:
1793:
1790:
1775:
1774:
1689:
1687:
1680:
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1671:
1661:
1658:
1649:
1646:
1624:Treasury bills
1615:
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1611:
1610:
1607:
1593:
1590:
1584:
1575:
1549:
1546:
1537:
1536:
1530:
1527:business cycle
1520:
1478:
1475:
1463:business cycle
1455:fully employed
1439:liquidity trap
1427:Main article:
1424:
1421:
1413:interest rates
1401:
1400:
1394:
1389:
1380:
1367:business cycle
1308:is the use of
1292:
1291:
1289:
1288:
1281:
1274:
1266:
1263:
1262:
1261:
1260:
1248:
1233:
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1223:
1218:
1216:Microeconomics
1213:
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1196:
1190:
1187:
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1179:
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1173:
1168:
1163:
1158:
1153:
1148:
1143:
1138:
1133:
1131:Lawrence Klein
1128:
1126:Paul Samuelson
1123:
1118:
1113:
1108:
1103:
1098:
1093:
1088:
1083:
1081:Michał Kalecki
1078:
1073:
1068:
1063:
1058:
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1043:
1038:
1033:
1027:
1022:
1021:
1018:
1017:
1014:
1013:
1008:
1003:
1001:Disequilibrium
998:
997:
996:
989:Post-Keynesian
986:
981:
980:
979:
969:
958:
957:
952:
947:
942:
937:
936:
935:
925:
920:
919:
918:
913:
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894:
893:
890:
889:
886:
885:
880:
875:
870:
865:
859:
857:Related fields
856:
855:
852:
851:
848:
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842:
837:
832:
827:
822:
821:
820:
810:
805:
800:
795:
790:
785:
783:Phillips curve
780:
775:
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754:
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750:
747:
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694:
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663:
662:
652:
647:
646:
645:
635:
633:Money creation
630:
629:
628:
618:
613:
612:
611:
606:
601:
591:
589:Liquidity trap
586:
581:
576:
575:
574:
569:
559:
554:
549:
548:
547:
542:
534:
529:
524:
519:
514:
509:
507:Business cycle
504:
499:
493:
491:Basic concepts
490:
489:
486:
485:
477:
476:
474:Macroeconomics
470:
469:
457:
456:
454:
453:
446:
439:
431:
428:
427:
426:
425:
412:
411:
408:
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402:
396:
393:
392:
389:
388:
385:
384:
379:
374:
368:
365:
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361:
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351:
346:
341:
335:
332:
331:
326:
320:
319:
318:
315:
314:
311:
310:
305:
300:
298:Trade creation
295:
290:
285:
280:
275:
270:
265:
259:
254:
253:
250:
249:
246:
245:
240:
235:
230:
229:
228:
226:currency board
223:
213:
208:
203:
198:
197:
196:
185:
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179:
176:
175:
172:
171:
166:
165:
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149:
144:
139:
134:
133:
132:
122:
121:
120:
109:
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100:
99:
96:
95:
90:
85:
80:
75:
70:
65:
60:
55:
50:
44:
39:
38:
35:
34:
26:
25:
23:Public finance
15:
9:
6:
4:
3:
2:
3871:
3860:
3859:Fiscal policy
3857:
3856:
3854:
3839:
3836:
3834:
3831:
3829:
3826:
3824:
3821:
3819:
3816:
3814:
3811:
3809:
3806:
3804:
3801:
3799:
3796:
3794:
3791:
3790:
3788:
3784:
3778:
3775:
3770:
3766:
3763:
3759:
3756:
3752:
3751:
3750:
3747:
3745:
3742:
3740:
3737:
3735:
3732:
3730:
3727:
3725:
3722:
3717:
3713:
3710:
3706:
3705:
3704:
3701:
3699:
3696:
3694:
3691:
3689:
3688:Environmental
3686:
3681:
3677:
3674:
3670:
3669:
3668:
3665:
3663:
3660:
3655:
3651:
3648:
3644:
3641:
3637:
3634:
3630:
3627:
3623:
3620:
3616:
3613:
3609:
3608:
3607:
3604:
3599:
3595:
3594:
3593:
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3588:
3585:
3583:
3580:
3578:
3575:
3573:
3570:
3569:
3567:
3563:
3559:
3558:Public policy
3552:
3547:
3545:
3540:
3538:
3533:
3532:
3529:
3518:
3515:
3513:
3510:
3508:
3505:
3503:
3500:
3498:
3495:
3493:
3490:
3487:
3479:
3476:
3473:
3469:
3466:
3464:
3461:
3459:
3456:
3455:
3451:
3449:
3445:
3439:
3438:
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3429:
3427:
3424:
3422:
3419:
3417:
3414:
3412:
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3407:
3404:
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3399:
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3379:
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3339:
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3334:
3332:
3329:
3327:
3324:
3322:
3319:
3317:
3314:
3312:
3309:
3307:
3304:
3302:
3299:
3297:
3294:
3292:
3289:
3287:
3284:
3282:
3279:
3277:
3274:
3272:
3269:
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3262:
3259:
3257:
3254:
3252:
3249:
3247:
3244:
3242:
3239:
3237:
3234:
3232:
3229:
3227:
3224:
3222:
3219:
3217:
3214:
3212:
3209:
3207:
3204:
3202:
3199:
3197:
3194:
3192:
3189:
3187:
3184:
3182:
3179:
3177:
3174:
3172:
3169:
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3164:
3162:
3159:
3157:
3154:
3152:
3149:
3147:
3144:
3142:
3139:
3137:
3134:
3132:
3129:
3127:
3124:
3122:
3119:
3117:
3114:
3112:
3109:
3107:
3104:
3102:
3101:de Mandeville
3099:
3098:
3096:
3092:
3087:
3081:
3078:
3076:
3073:
3071:
3068:
3066:
3063:
3061:
3058:
3056:
3053:
3049:
3046:
3045:
3044:
3043:New classical
3041:
3037:
3034:
3033:
3032:
3029:
3027:
3024:
3022:
3019:
3015:
3012:
3011:
3010:
3007:
3005:
3002:
3000:
2999:Malthusianism
2997:
2991:
2988:
2987:
2986:
2983:
2981:
2978:
2975:
2971:
2968:
2967:
2966:
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2961:
2960:Institutional
2958:
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2928:
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2898:
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2859:
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2790:
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2785:
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2775:
2773:
2770:
2768:
2764:
2763:Public choice
2761:
2759:
2756:
2754:
2751:
2749:
2746:
2744:
2741:
2739:
2738:Participation
2736:
2734:
2731:
2729:
2726:
2724:
2721:
2719:
2716:
2714:
2711:
2709:
2706:
2704:
2701:
2699:
2698:Institutional
2696:
2694:
2691:
2689:
2686:
2684:
2681:
2679:
2676:
2674:
2671:
2669:
2666:
2664:
2661:
2659:
2656:
2654:
2651:
2649:
2648:Expeditionary
2646:
2644:
2641:
2639:
2638:Environmental
2636:
2634:
2631:
2629:
2626:
2624:
2621:
2619:
2616:
2614:
2611:
2609:
2606:
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2599:
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2589:
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2570:
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2529:
2526:
2524:
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2517:
2514:
2513:
2512:
2509:
2507:
2504:
2502:
2499:
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2485:
2482:
2480:
2477:
2475:
2472:
2470:
2467:
2466:
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2459:
2457:
2453:
2449:
2442:
2437:
2435:
2430:
2428:
2423:
2422:
2419:
2413:
2409:
2406:
2405:
2399:
2396:
2395:
2390:
2389:Fiscal policy
2385:
2372:
2369:
2366:
2363:
2360:
2357:
2354:
2350:
2347:
2344:
2341:
2338:
2335:
2334:
2313:
2309:
2303:
2295:
2291:
2287:
2281:
2277:
2270:
2262:
2258:
2254:
2250:
2246:
2242:
2238:
2237:
2232:
2225:
2217:
2213:
2209:
2205:
2201:
2197:
2193:
2189:
2188:
2180:
2164:
2160:
2153:
2137:
2133:
2126:
2124:
2115:
2109:
2105:
2101:
2095:
2079:
2075:
2068:
2064:
2053:
2050:
2048:
2045:
2043:
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1136:Edmund Phelps
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1091:Simon Kuznets
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3786:Other topics
3611:
3572:Agricultural
3512:Publications
3468:Publications
3435:
3031:Neoclassical
3021:Mercantilism
2930:Evolutionary
2792:Sociological
2765: /
2663:Geographical
2643:Evolutionary
2618:Digitization
2583:Agricultural
2546:Econometrics
2474:Price theory
2388:
2346:Hansen, Bent
2331:Bibliography
2316:. Retrieved
2312:the original
2302:
2275:
2269:
2240:
2234:
2224:
2191:
2185:
2179:
2167:. Retrieved
2162:
2152:
2140:. Retrieved
2135:
2103:
2094:
2082:. Retrieved
2078:Investopedia
2077:
2067:
2022:Fiscal union
2007:Econometrics
1986:labor supply
1982:labor demand
1974:
1968:the ensuing
1951:
1918:
1910:Neoclassical
1897:crowding out
1886:
1883:
1868:
1856:money supply
1854:reduces the
1852:price levels
1829:
1798:
1784:
1763:
1754:
1744:
1737:
1730:
1723:
1711:
1699:Please help
1694:verification
1691:
1663:
1651:
1617:
1600:fixed assets
1552:Governments
1551:
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1532:
1522:
1496:
1486:
1444:
1436:
1432:
1417:central bank
1409:money supply
1402:
1371:
1354:central bank
1312:collection (
1305:
1295:
1171:Paul Krugman
1116:Hyman Minsky
1076:Alvin Hansen
960:
959:
900:
863:Econometrics
840:Overshooting
793:Harrod–Domar
788:Arrow–Debreu
735:Central bank
719:
702:Unemployment
692:Supply shock
650:Money supply
527:Disinflation
522:Demand shock
256:Trade policy
243:Money supply
221:central bank
194:requirements
147:Fiscal union
105:
82:
48:Agricultural
3729:Immigration
3716:Vaccination
3306:von Neumann
3075:Supply-side
3060:Physiocracy
3004:Marginalism
2693:Information
2633:Engineering
2613:Development
2608:Demographic
2479:Game theory
2456:Theoretical
2247:: 131–146.
2163:Invetopedia
1962:outside lag
1947:net exports
1860:equilibrium
1832:IS-LM model
1637:Public debt
1578:Seigniorage
1554:spend money
1322:expenditure
1051:Léon Walras
945:Supply-side
778:Accelerator
687:Stagflation
672:Price level
567:Demand-pull
344:Tax revenue
3828:Regulation
3769:Technology
3633:Investment
3626:Industrial
3463:Economists
3336:Schumacher
3241:Schumpeter
3211:von Wieser
3131:von Thünen
3091:Economists
2990:Circuitism
2955:Humanistic
2950:Historical
2925:Ecological
2915:Democratic
2888:Chartalism
2878:Behavioral
2841:Mainstream
2802:Statistics
2797:Solidarity
2718:Managerial
2683:Humanistic
2678:Historical
2623:Ecological
2588:Behavioral
2059:References
2052:Tax policy
2047:Policy mix
1978:unemployed
1958:inside lag
1905:monetizing
1889:economists
1779:See also:
1727:newspapers
1481:See also:
1459:Management
1387:investment
1106:John Hicks
1036:Adam Smith
994:Circuitism
984:Ecological
972:Chartalism
923:Monetarism
901:Mainstream
798:Solow–Swan
773:Multiplier
730:Commercial
626:Endogenous
584:Investment
293:Trade bloc
268:Free trade
93:Policy mix
68:Investment
63:Industrial
3755:Stem cell
3734:Knowledge
3662:Education
3381:Greenspan
3346:Samuelson
3326:Galbraith
3296:Tinbergen
3236:von Mises
3231:Heckscher
3191:Edgeworth
3070:Stockholm
3065:Socialist
2965:Keynesian
2945:Happiness
2905:Classical
2866:Mutualism
2861:Anarchist
2846:Heterodox
2743:Personnel
2703:Knowledge
2668:Happiness
2658:Financial
2628:Education
2603:Democracy
2538:Empirical
2448:Economics
2318:March 20,
2294:956396690
2261:143794347
2216:143617926
2169:April 26,
2165:. Dotdash
2142:April 26,
2084:April 26,
2080:. Dotdash
1966:overheats
1921:classical
1836:short run
1809:recession
1801:Keynesian
1757:July 2024
1641:borrowing
1614:Borrowing
1587:Borrowing
1505:expansion
1501:recession
1298:economics
1204:Economics
1046:Karl Marx
961:Heterodox
940:Stockholm
906:Keynesian
677:Recession
572:Cost-push
562:Inflation
517:Deflation
3853:Category
3744:Military
3739:Language
3640:Monetary
3606:Economic
3587:Domestic
3582:Cultural
3492:Category
3472:journals
3458:Glossary
3411:Stiglitz
3376:Rothbard
3356:Buchanan
3341:Friedman
3331:Koopmans
3321:Leontief
3301:Robinson
3186:Marshall
3036:Lausanne
2940:Georgism
2935:Feminist
2883:Buddhist
2873:Austrian
2772:Regional
2748:Planning
2723:Monetary
2653:Feminist
2598:Cultural
2593:Business
2208:30042564
2000:See also
1935:currency
1864:long run
1817:New Deal
1622:such as
1573:Taxation
1560:such as
1340:, whose
1318:tax cuts
1188:See also
967:Austrian
725:Monetary
714:Policies
545:Rational
540:Adaptive
466:a series
464:Part of
329:Spending
157:Spending
130:internal
88:Monetary
53:Economic
41:Policies
3749:Science
3724:Housing
3698:Foreign
3619:Incomes
3507:Outline
3478:Schools
3470: (
3431:Piketty
3426:Krugman
3291:Kuznets
3281:Kalecki
3256:Polanyi
3146:Cournot
3141:Bastiat
3126:Ricardo
3116:Malthus
3106:Quesnay
3009:Marxian
2900:Chicago
2830:history
2825:Schools
2812:Welfare
2782:Service
2573:Applied
1943:imports
1939:exports
1919:In the
1741:scholar
1633:default
1626:or and
1602:(e.g.,
1562:welfare
1513:revenue
1503:nor an
1477:Stances
1461:of the
1209:Applied
1006:Marxian
896:Schools
366:Optimum
324:Revenue
162:deficit
152:Revenue
3777:Social
3703:Health
3667:Energy
3612:Fiscal
3598:reform
3565:Fields
3416:Thaler
3396:Ostrom
3391:Becker
3386:Sowell
3366:Baumol
3271:Myrdal
3266:Sraffa
3261:Frisch
3251:Knight
3246:Keynes
3221:Fisher
3216:Veblen
3201:Pareto
3181:Menger
3176:George
3171:Jevons
3166:Walras
3156:Gossen
3080:Thermo
2758:Public
2753:Policy
2708:Labour
2673:Health
2386:about
2292:
2282:
2259:
2214:
2206:
2110:
1984:while
1743:
1736:
1729:
1722:
1714:
1566:funded
1383:saving
1320:) and
1024:People
752:Models
720:Fiscal
697:Saving
557:Growth
423:Portal
394:Reform
288:Tariff
118:policy
113:Budget
83:Fiscal
73:Social
58:Energy
3762:Space
3654:Trade
3502:Lists
3497:Index
3448:Lists
3421:Hoppe
3406:Lucas
3371:Solow
3361:Arrow
3351:Simon
3316:Lange
3311:Hicks
3286:Röpke
3276:Hayek
3226:Pigou
3196:Clark
3111:Smith
3026:Mixed
2985:Post-
2807:Urban
2787:Socio
2777:Rural
2410:from
2257:S2CID
2243:(2).
2212:S2CID
2204:JSTOR
1926:bonds
1748:JSTOR
1734:books
1620:bonds
1582:money
1490:taxes
1314:taxes
845:NAIRU
763:AD–AS
758:IS–LM
621:Money
78:Trade
3693:Food
3592:Drug
3437:more
3161:Marx
3151:Mill
3136:List
3014:Neo-
2970:Neo-
2320:2013
2290:OCLC
2280:ISBN
2171:2019
2144:2019
2108:ISBN
2086:2019
1887:But
1830:The
1799:The
1720:news
1604:land
1596:Sale
1385:and
1300:and
911:Neo-
818:DSGE
512:CAGR
125:Debt
3647:Tax
3401:Sen
3121:Say
2980:New
2713:Law
2249:doi
2196:doi
1703:by
1639:or
1598:of
1359:GDP
1316:or
1296:In
916:New
660:SNA
609:NNI
604:GNI
599:GDP
169:Tax
3855::
2288:.
2255:.
2241:45
2239:.
2233:.
2210:.
2202:.
2192:34
2190:.
2161:.
2134:.
2122:^
2076:.
1996:.
1949:.
1819:.
1469:;
1411:,
1369:.
1304:,
468:on
3550:e
3543:t
3536:v
3474:)
2976:)
2972:(
2832:)
2828:(
2440:e
2433:t
2426:v
2322:.
2296:.
2263:.
2251::
2218:.
2198::
2173:.
2146:.
2116:.
2088:.
1970:h
1770:)
1764:(
1759:)
1755:(
1745:·
1738:·
1731:·
1724:·
1697:.
1606:)
1519:.
1399:.
1285:e
1278:t
1271:v
450:e
443:t
436:v
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