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This book presents alternative macroeconomic perspectives, primarily open economy, on the limitations of discretionary fiscal policy, with a focus on government spending. A concluding chapter evaluates the nexus between budgetary policy and confidence, summarises the key failings of fiscal activism, and suggests fiscal policy goals.
Anthony J Makin is Professor of Economics at Griffith University, Australia, and has previously served with the International Monetary Fund and Australian departments of Finance, Foreign Affairs and Trade and The Treasury. He has published widely and is a member of the National Economic Panel of the Economic Society of Australia.
1. The Keynesian Revival.- 2. Macro-Foundations for Fiscal Analysis.- 3. Budget Deficits, Public Debt and Crowding Out.- 4. Budget Deficits and National Income.- 5. Fiscal Policy, Money and the Exchange Rate.- 6. Fiscal Policy in a Dependent Economy.- 7. Fiscal Consolidation.- 8. Recasting Fiscal Policy.