Fiscal Policy in a Depressed Economy: Was There a ‘Free Lunch’ in 1930s’ Britain?

By Nicholas Crafts, Terence C. Mills. 2013

567 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/bebab6b5556e4df1a7247c81870a60cfc601d94d

Citations in the corpus

• Income inequality as a cause of the Great Recession?: A survey of current debates (2012, unknown): “There is also some evidence that a restrictive fiscal policy during downturns increases mediumterm unemployment (IMF, 2010, Chapter 3; Sturn, 2010; DeLong and Summers, 2012). demand.”
• Second-Generation Fiscal Rules; Balancing Simplicity, Flexibility, and Enforceability (2018, unknown): “…circumstances (such as a protracted lack of demand or when monetary policy is constrained) when fiscal policy should play a more active role, the activation of the rule’s escape clauses should allow for discretionary fiscal support (Blanchard, Dell’Ariccia, and Mauro 2010; DeLong and Summers 2012).”
• A Unified Welfare Analysis of Government Policies* (2019, unknown): “” 14Outside the scope of this paper, some suggest certain macroeconomic policies can pay for themselves, such as fiscal expansions during deep recessions (DeLong et al., 2012).”
• Government Spending Multipliers under the Zero Lower Bound: Evidence from Japan (2018, unknown): “Crafts and Mills (2012) estimate that the multiplier is below one in the U.K. during the 5Watanabe, Tomoyoshi, and Arata (2010) estimated the output multiplier in Japan between 1965 and 2004.”
• The Long-Run Effects of Monetary Policy (2020, unknown): “Following the persistent drop in output after the Great Recession in the US, DeLong and Summers (2012) infer that this parameter could be as high as 0.”
• Fiscal Stimulus and Fiscal Sustainability (2017, unknown): “To explore the robustness of our results, we also employ fiscal consolidation shocks constructed by Devries et al. (2011) and updated by Alesina et al.”
• Fiscal Multipliers : Size, Determinants, and Use in Macroeconomic Projections (2014, unknown): “Fiscal shocks occurring in recessions or when production is below potential may have more persistent effects, because of hysteresis effects (Delong and Summers, 2012; IMF, 2011) or because credit constrained agents cannot offset the reduction in their disposable income by borrowing.”
• Will COVID-19 fiscal recovery packages accelerate or retard progress on climate change? (2020, unknown): “Expansionary policy in a slump can arrest the negative reinforcing feedback resulting from a shortfall in private activity and prevent negative hysteresis effects on future supply, whereby capital is scrapped and labour skills are lost due to underutilisation (DeLong and Summers, 2012).”
• Public Debt and Low Interest Rates (2019, unknown): “Figures 5 and 6 show what the evolution of the debt ratio would have been, starting at different dates in the past.”
• Demand Side Secular Stagnation (2015, unknown): “Moreover there are substantial reasons detailed in DeLong and Summers (2012) for supposing that demand shortfalls have consequences for subsequent economic potential as investment in all types of capital is reduced.”