Commentary: Is There a Role for Discretionary Fiscal Policy?
نویسندگان
چکیده
Alan Auerbach has given us a valuable paper loaded with new empirical research on the macroeconomics of fiscal policy. I agree with his basic conclusion that there is little evidence that (the effects of discretionary fiscal policy) have provided a significant contribution to economic stabilization, if, in fact, they have worked in the right direction at all. I, therefore, concur with his support for the earlier conclusion of Romer and Romer (1994) about the general superiority of monetary policy as a tool for macroeconomic stabilization.1
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