ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Reinventing Fiscal Policy

Practising policy-makers have not been tardy in jettisoning new classical-new Keynesian wisdom when called upon to do so. It turns out that in the industrial world, stabilisation policy, defined as the minimisation of squared deviations of output around potential, has never been far from the concerns of monetary authorities. There has been a concerted move away not just from monetary policy rules but also from the limits of flexible discretion that theory would permit.

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