Leith, C. and Wren-Lewis, S. (2005) Fiscal stabilization policy and fiscal institutions. Oxford Review of Economic Policy, 21(4), pp. 584-597. (doi: 10.1093/oxrep/gri033)
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Publisher's URL: http://dx.doi.org/10.1093/oxrep/gri033
Abstract
In this paper we analyse counter-cyclical fiscal policy within the context of a microfounded analysis of business-cycle stabilization. We show that tax and spending instruments can have a useful counter-cyclical role, even after allowing for the distortionary nature of the instruments and the need for debt sustainability. A critical barrier to the use of fiscal instruments may be political economy concerns, and we survey recent suggestions involving alternative fiscal policy institutions.
| Item Type: | Articles |
|---|---|
| Status: | Published |
| Refereed: | Yes |
| Glasgow Author(s) Enlighten ID: | Wren-Lewis, Prof Simon and Leith, Professor Campbell |
| Authors: | Leith, C., and Wren-Lewis, S. |
| College/School: | College of Social Sciences > Adam Smith Business School > Economics |
| Journal Name: | Oxford Review of Economic Policy |
| Publisher: | Oxford University Press |
| ISSN: | 0266-903X |
| ISSN (Online): | 1460-2121 |
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