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Prologue: Searching for a New Kind of Economics Read chapter Read first chapter

2005 | OriginalPaper | Chapter

Why Fiscal Policy Could Not Work

Author : Richard A. Werner

Published in: New Paradigm in Macroeconomics

Publisher: Palgrave Macmillan UK

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Japanese fiscal expenditures were substantial during the 1990s, but did not achieve the desired effects. Even the crowding out effect due to higher interest rates, which the literature recognizes, could not be observed. Since these findings discredit the Keynesian analysis and more recent, related theories, including the IS-LM model, it may be necessary to revisit the type of literature that was prevalent before the Keynesian fiscal multiplier analysis was proposed.

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previous chapter The Determinants of Japanese Capital Flows in the 1980s
next chapter Monetary Policy in the 1990s and How to Create a Recovery
Metadata
Title
Why Fiscal Policy Could Not Work
Author
Richard A. Werner
Copyright Year
2005
Publisher
Palgrave Macmillan UK
Book
New Paradigm in Macroeconomics

Print ISBN: 978-1-4039-2074-4

Electronic ISBN: 978-0-230-50607-7

Copyright Year: 2005

DOI
https://doi.org/10.1057/9780230506077_19