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The New View of fiscal policy and its application

Furman, Jason, (2016), “The New View of fiscal policy and its application”, VoxEu, 2 Νοεμβρίου

The landscape of the fiscal policy debate has changed over the past decade, with academics and international organisations moving away from an ‘Old View’ of fiscal policy as ineffective. This column uses examples from the US and Europe to highlight the five principles of a ‘New View’ of fiscal policy, which increasingly appreciates that expansionary fiscal policy is effective in a world of persistently low interest rates, low growth, and strong international linkages.

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