Heterodox
Let’s hope we don’t go through the next recession debating in the same way whether fiscal policy can affect GDP, particularly during periods of economic slack and accommodative monetary policy (e.g., Fama, Mulligan, etc.).… If we do, I foresee social unrest.Menzie Chinn lays out an empirical case against neoclassical argument based on non-empirical assumptions like Ricardian equivalence, for example, that also turn out to be contradicted by data-based evidence.EconbrowserPrebuttal: Fiscal...
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