Abstract
The comparative effectiveness of monetary policy versus fiscal policy persists as a subject of widely noted discussion, and recently apparently conflicting hypothesis have been offered to explain the relative potency of each of these policies. The present article reexamines this issue, placing the current controversy in perspective by bringing to bear pertinent work in public-finance theory as well as in monetary theory. In so doing, the author finds that not only is a reconciliation between Monetarism and Fiscalism possible but that, in the crucial case of the antidote to depression, Monetarism and Fiscalism coincide.
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