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Business Cycles and Macroeconomic Stability - Should We Rebuild Built-in Stabilizers? (Paperback, Softcover reprint of the original 1st ed. 1997)
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Business Cycles and Macroeconomic Stability - Should We Rebuild Built-in Stabilizers? (Paperback, Softcover reprint of the original 1st ed. 1997)
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Setting the issue "Most economists consider the marked increase in
automatic stabilizers a highly favorable development with respect
to maintenance of economic stability". Besides the rare privilege
of having being signed by both Milton Friedman and Paul Samuelson
(Depres,Friedman, Hart, Samuelson, and Wallace [1950]), among
others, this sentence expressed as soon as 1950 the consensus view
on the stabilizing effect of fiscal rules governing tax revenue and
public expendi tures and transfers. This positive ex ante
assessment will have been confirmed ex post as part of the
explanation for post war stabilization (Burns [1960], de Long and
Summers [1986], Moore and Zarnovitz [1986]). However, it becomes
disputed in both its positive and normative aspects. Many
institutional changes since the eighties point at curbing back the
transfer mechanisms underlying automatic stabilizers, and legal
restraints on deficits such as the US balanced budget amendment or
the European Maastricht criteria would involve serious risks for
the future of stabilizers. Under such rules "the government would
become, almost inevitally, a destabilizer rather than a stabilizer"
said Joseph Stiglitz, quoted by the New York Times (April 1995)).
"Built-in stabilizers are automatic fiscal adjustments that reduce
the national income multiplier and thus cushion the effects of
changes in autonomous spend ing on the level of income" (Pechman
[1987]). Early analyses of the automatic fiscal stabilizers include
the contributions of A. G. Hart [1945], R. Musgrave and M. Miller
(1948) and E. C. Brown (1955).
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