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Erschienen in:
1992 | OriginalPaper | Buchkapitel
Fiscal Policy
verfasst von : Professor Dr. Michael Carlberg
Erschienen in: Monetary and Fiscal Dynamics
Verlag: Physica-Verlag HD
Enthalten in: Professional Book Archive
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In the literature, throughout, fiscal policy has been defined by the fact that the government increases public consumption once and for all. Here, in sharp contrast, this will be called a fiscal shock. Instead, we shall define fiscal policy in the following way: As a response to a shock, the government continuously adjusts public consumption so as to maintain full employment at all times. On that account, there is no need for money wages to move. As a consequence, will public debt displace private capital?