Comment on Karl Brunner ’ s “ Fiscal Policy in Macro Theory : A Survey and Evaluation ”
نویسنده
چکیده
It is a great pleasure for me to discuss the essay by Karl Brunner; this continues a tradition of discussing each other’s work that dates back at least a decade. Much of Brunner’s massive survey is admirable, reflecting a deep and careful analysis of central issues in fiscal policy, and the way events have changed perceptions of fiscal policy. The comprehensive and up-to-date reference list adds to the value of the contribution. Because of its length, I cannot delve into every issue raised by Brunner, but I will concentrate on three areas where, I believe, his analysis needs to be qualified and supplemented: (a) the intellectual history of the monetary— fiscal debate; (b) the interpretation of St. Louis equations; and (c) Ricardian equivalence and other theoretical issues.
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