Automatic Fiscal Policies to Combat Recessions

Abstract

Part I. Introduction 1. Fiscal Policy to Combat a Severe Recession 2. An Automatic Transfer (Tax Rebate) 3. An Automatic Temporary Consumption Tax Cut 4. Fiscal Discipline with NUBAR (A Normal Unemployment Balanced Budget Rule) 5. A Fiscal Policy Advisory Board Part II. 6. Recent Empirical Studies Relevant to Counter-Cyclical Fiscal Policy 7. The Tax Rebate in the 1975 Recession 8. The Tax Rebate in the 2001 Recession 9. Early Studies of Automatic Fiscal Policy Part III. 10. Early Challenges to Counter-Cyclical Fiscal Policy 11. The New Classical Counter-Revolution: A False Path for Macroeconomics 12. Fiscal Policy and the Ending of the Great Depression