Arestis, Philip - In: Review of Keynesian Economics 1 (2012), pp. 93-108
Current macroeconomics, the ‘New Consensus Macroeconomics’, downgrades significantly the role of fiscal policy as a … stabilisation instrument of macroeconomic policy. This paper argues that fiscal policy deserves to be properly upgraded. More recent … theoretical and empirical developments on the fiscal policy front are closely examined. This examination reveals that these …