introduction the macroeconomics of fiscal policy：财政政策宏观经济学导论.Image.Marked.pdf

Introduction: The Macroeconomics of Fiscal Policy Richard W. Kopcke, Geoffrey M. B. Tootell, and Robert K. Triest It is hard to imagine a more opportune time for a volume on the mac- roeconomics of fiscal policy, since the last few years have seen govern- ment spending, taxation, and deficit financing move to the forefront of policy debates worldwide. In Japan in the 1990s, deflation and short-term interest rates that hovered near zero forced policymakers to turn to fiscal policy to stimulate the country’s sluggish economy. For somewhat similar reasons, fiscal policy also played an important role in fostering the U.S. economy’s recovery after the 2001 recession. Members of the European Monetary Union are also reconsidering the merits of maintaining the fis- cal restraint required by their “Pact for Stability and Growth” as they seek ways to foster expansion after years of weak growth. At the same time, the discussion of fiscal policies has renewed attention to the effects of large sustained fiscal deficits on national savings, investment, interest rates, and the current account. The effect of government expenditures, taxation, and debt on the aggregate economy is of immense importance, and therefore great con- troversy, in economics. A broad range of essential services is provided by governments, requiring the collection of taxes and fees. This book, however, covers only a subset of these issues, those associated with the macroeconomic aspects of fiscal policy. The authors of the chapters and commentaries included in this volume address questions such as: Should fiscal policy be used to help stabilize the economy and smooth business- cycle fluctuations? Do large government deficits harm economic activity? Has recent U.S. fiscal policy contributed to overconsumption by American consumers? And, how is U.S. fiscal policy related to the current account and international capital flows? 4 Introduction In this chapter, w