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Business Cycles and Macroeconomic Stability : Should We Rebuild Built-in Stabilizers? - Jean-Olivier Hairault

Business Cycles and Macroeconomic Stability

Should We Rebuild Built-in Stabilizers?

By: Jean-Olivier Hairault (Editor), Pierre-Yves Henin (Editor), Franck Portier (Editor)

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Published: 30th April 1997
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Setting the issue "Most economists consider the marked increase in automatic stabilizers a highly favorable development with respect to maintenance of economic stability". Besides the rare privilege of having being signed by both Milton Friedman and Paul Samuelson (Depres,Friedman, Hart, Samuelson, and Wallace [1950]), among others, this sentence expressed as soon as 1950 the consensus view on the stabilizing effect of fiscal rules governing tax revenue and public expendi­ tures and transfers. This positive ex ante assessment will have been confirmed ex post as part of the explanation for post war stabilization (Burns [1960], de Long and Summers [1986], Moore and Zarnovitz [1986]). However, it becomes disputed in both its positive and normative aspects. Many institutional changes since the eighties point at curbing back the transfer mechanisms underlying automatic stabilizers, and legal restraints on deficits such as the US balanced budget amendment or the European Maastricht criteria would involve serious risks for the future of stabilizers. Under such rules "the government would become, almost inevitally, a destabilizer rather than a stabilizer" said Joseph Stiglitz, quoted by the New York Times (April 1995)). "Built-in stabilizers are automatic fiscal adjustments that reduce the national income multiplier and thus cushion the effects of changes in autonomous spend­ ing on the level of income" (Pechman [1987]). Early analyses of the automatic fiscal stabilizers include the contributions of A. G. Hart [1945], R. Musgrave and M. Miller (1948) and E. C. Brown (1955).

Introduction
Contributors
An Exploration into the Effects of Dynamic Economic Stabilizationp. 3
Optimal Public Spending In a Business Cycle Modelp. 31
Welfare, Stabilization or Growth: A Comparison of Different Fiscal Objectivesp. 55
Public Investment, Stabilization and Growthp. 79
Monetary Union and the Role of Automatic Stabilizersp. 109
The Efficiency of National and Regional Stabilization Policiesp. 149
Insurance Against Asymetric Shocks in a European Monetary Unionp. 171
Automatic Stabilizers in a European Perspectivep. 189
The Cyclical Effects of Labour Market Policyp. 211
Financing Unemployment Benefits in the Business Cycle: Stabilization, Welfare and Equity Issuesp. 231
Are Automatic Stabilizers Still Effective? The French Case in the Ninetiesp. 255
Output Stabilization Versus Deficit Sustainability: Is It a Trade-Off?p. 281
The Effects of Fiscal Policy and the Maastricht Solvency Criteria on European Employmentp. 301
Macroeconomic Effects of Fiscal Restructuring in Europep. 321
Indexp. 337
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780792399070
ISBN-10: 0792399072
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 341
Published: 30th April 1997
Publisher: Springer
Country of Publication: NL
Dimensions (cm): 24.4 x 17.0  x 3.18
Weight (kg): 1.54