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Why fiscal stimulus is likely to work

Author: Fatás, Antonio ; Mihov, IlianINSEAD Area: Economics and Political ScienceIn: International Finance, vol. 12, no. 1, spring 2009 Language: EnglishDescription: p. 57-73.Type of document: INSEAD ArticleNote: Please ask us for this itemAbstract: We provide an overview of the effectiveness of fiscal policy actions by summarizing evidence from empirical and theoretical studies. Empirically, expansionary policy is found to have output multipliers greater than one. Given current economic conditions, we argue that the fiscal cost of not stabilizing the economy is likely to be much higher than the cost of a deficit that helps the economy go faster towards a recovery path
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We provide an overview of the effectiveness of fiscal policy actions by summarizing evidence from empirical and theoretical studies. Empirically, expansionary policy is found to have output multipliers greater than one. Given current economic conditions, we argue that the fiscal cost of not stabilizing the economy is likely to be much higher than the cost of a deficit that helps the economy go faster towards a recovery path

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