The Return of Fiscal Policy: Can the New Developments in the New Economic Consensus Be Reconciled with the Post-Keynesian View?
The Return of Fiscal Policy: Can the New Developments in the New Economic Consensus Be Reconciled with the Post-Keynesian View?
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财政政策回归：新经济共识的新进展能否与后凯恩斯主义观点相一致？
DOI：
10.2139/ssrn.1159895
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发表时间：
2008
期刊：
影响因子：
--
通讯作者：
Pavlina R. Tcherneva
中科院分区：
文献类型：
--
作者：
Pavlina R. Tcherneva
货币主义的反革命和1970年代的滞胀时期是导致拒绝将财政政策作为宏观经济稳定和充分就业决定的有用工具的理论和实践发展。然而，最近主流意见开始重新评估财政政策，并呼吁在某些情况下恢复财政政策。本文的目的是界定财政政策在新经济共识（NEC）中的作用和地位，并将其与后凯恩斯理论进行比较，后者可以说是对原始凯恩斯信息最忠实的方法。该文件提出，虽然主流内部可能对许多宏观经济问题存在共识，但财政政策不是其中之一。国家经济委员会内的财政政策的指定进行了探讨，并通过阿巴勒纳的“功能财政”的方法与后凯恩斯主义的财政政策的呼吁进行对比。本文区分了两种功能性金融的方法--一种是旨在促进总需求和缩小GDP差距的方法，另一种是通过直接创造就业机会确保充分就业的方法。有人认为，主流已经切断了财政政策和充分就业之间的凯恩斯联系-后凯恩斯方法承诺恢复这种联系。
The monetarist counterrevolution and the stagflation period of the 1970s were among the theoretical and practical developments that led to the rejection of fiscal policy as a useful tool for macroeconomic stabilization and full employment determination. Recent mainstream contributions, however, have begun to reassess fiscal policy and have called for its restitution in certain cases. The goal of this paper is to delimit the role of and place for fiscal policy in the New Economic Consensus (NEC) and to compare it to that of Post-Keynesian theory, the latter arguably the most faithful approach to the original Keynesian message. The paper proposes that, while a consensus may exist on many macroeconomic issues within the mainstream, fiscal policy is not one of them. The designation of fiscal policy within the NEC is explored and contrasted with the Post-Keynesian calls for fiscal policy via Abba Lerner's "functional finance" approach. The paper distinguishes between two approaches to functional finance--one that aims to boost aggregate demand and close the GDP gap, and one that secures full employment via direct job creation. It is argued that the mainstream has severed the Keynesian link between fiscal policy and full employment--a link that the Post-Keynesian approach promises to restore.