Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/79455
Authors: 
Hannsgen, Greg
Year of Publication: 
2012
Series/Report no.: 
Working Paper, Levy Economics Institute 723
Abstract: 
Recently, some have wondered whether a fiscal stimulus plan could reduce the government's budget deficit. Many also worry that fiscal austerity plans will only bring higher deficits. Issues of this kind involve endogenous changes in tax revenues that occur when output, real wages, and other variables are affected by changes in policy. Few would disagree that various paradoxes of austerity or stimulus might be relevant, but such issues can be clarified a great deal with the help of a complete heterodox model.
Subjects: 
Financial Crisis
Post-Keynesian Economics
Fiscal-policy Rule
Dynamical System
Markup Dynamics
Kalecki-Steindl Model of Effective Demand
Hyman Minsky
Automatic Stabilizers
Growth Cycles
Budget Deficit
Capacity-utilization Targeting Rule
Historical Time
Policy Regime Switches
Keynesian Kaleidics
Chartalism
Distributive Curve
JEL: 
E12
E32
E62
J65
Document Type: 
Working Paper

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