The debate over the effectiveness of stimulus rages on (Barro and Redlick 2009). Fewer than two years of data – that being the amount of time since monetary and fiscal measures to counter the crisis were put in place – are not enough to pin down the effects.
The effectiveness of fiscal and monetary stimulus in depressions
Barry Eichengreen, Kevin Hjortshøj O’Rourke, Miguel Almunia, Agustín S. Bénétrix, Gisela Rua, 18 November 2009
Design and effectiveness of fiscal-stimulus programmes
Robert Barro, Charles Redlick, 30 October 2009
The global recession of 2008-09, one of the longest and deepest since the Great Depression, has made the efficacy of fiscal-stimulus packages one of the most prominent policy debates in economics today.
Eurozone stimulus: A myth, some facts, and impact estimates
Volker Wieland, 5 September 2009
Fact: Fiscal stimulus packages put together by Eurozone governments were much smaller than the US package (American Recovery and Reinvestment Act, ARRA).
Announcements of discretionary fiscal measures by Eurozone governments only add up to about 1% of GDP in 2009 and a little less in 2010. The $787 billion stimulus by the US government amounts to over 5% of US GDP.
Why we need not fear that a bigger stimulus will be counterproductive
J. Bradford DeLong, 16 March 2009
My favourite line from Jaws is uttered police chief Martin Brody (Roy Scheider) when he finally sees the shark: “You are going to need a bigger boat.”
A lot of bucks, but how much bang?
Richard Clarida, 16 March 2009
“We have involved ourselves in a colossal muddle, having blundered in control of a delicate machine, the workings of which we do not understand” - John Maynard Keynes, “The Great Slump of 1930”, published December 1930.
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