woodwardhall.wordpress.com - 12/11/2008
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The Obama administration’s focus on infrastructure spending raises the natural question of the effect of government purchases on total GDP. Does government spending stimulate other categories of spending, especially consumer spending? Or does government spending displace other categories, so GDP ...
gregmankiw.blogspot.com - 12/11/2008
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gregmankiw.blogspot.com —
A key issue facing the new Obama administration
is to what extent the economic stimulus should take
the form of spending increases versus tax cuts. One way to think about the issue is the size of the fiscal policy multipliers. The multipliers measure ...
(more)
Spending and Tax Multipliers
spaineconomy.blogspot.com - 12/13/2008
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spaineconomy.blogspot.com —
This, it seems, is the question of the
day. According to the IMF Spain’s economy faces a
contraction of at least one percent next year. And the IMF stress that the risks to this forecast “remain on the downside” since the country’s real-estate market ...
(more)
So Just When Does Spain's Twin Deficit Problem Become ...
online.wsj.com - 12/11/2008
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online.wsj.com —
J RGEN STARK | From today's Wall Street
Journal Europe The environment for conducting economic policies, in
particular monetary and fiscal policies, has become extremely challenging. The unfavorable conditions in parts of the financial market are ...
(more)
Don't Create a Fiscal Crisis
Comments
Blog Reactions
The multiplier is "one"
Marginal Revolution —
In case you were wondering.
And that's now a blog, written by Susan Woodward and Robert Hall, both impressive thinkers. Greg Mankiw offers additional comment.
Why is it surprising that tax cuts have a bigger effect than spending increases in the real world?
Kids Prefer Cheese —
... "to nowhere". We're lucky if the "multiplier" on this crap is as big as 1.0. People, our government produces mass quantities of a particular product: pork. And every time it increases output, the arteries of our economy get a little bit more fatty and clogged. On average tax cuts free up more money to go toward more highly valued uses (at least if they reduce spending or are given to non-Ricardian agents). If you are wondering what I am ranting about check out this, this, and this. I guess I'd rather give my money to people who are ...
Building Things a Better Bet Than Buying Things Now
EconomistMom.com —
... Economists Susan Woodward and Bob Hall have started a new blog (”Financial Crisis and Recession” -obviously timely!), where today they argue that ...
BlogWatch: Robert Hall of NBER
Paul Kedrosky's Infectious Greed —
... I had this mentioned to me today at the AEA conference, but Robert E. Hall now has a blog. He is, of course, the chair of the NBER business cycle dating committee (the people who say when U.S. recessions start/stop), as well as being an economist at Stanford and the president of the American Economic Association. ...
Stimulus idea: sales tax holiday
Management R&D —
... post-war recession, in 1981. Bob thinks we are falling into a liquidity trap, and wants a big Keynesian stimulus program but thinks that government spending is too slow and not necessarily spent on worthwhile projects. Instead, he wants the Federal government to subsidize a temporary sales tax holiday. This has the advantage of immediacy while maintaining consumer sovereignty. Bob and his colleague Susan Woodward (former Chief Economist at SEC and HUD), maintain a blog on the financial crisis.
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