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Con Pec 2001; 20:57-86
© 2001 Cambridge Political Economy Society

Article

Rethinking expansionary fiscal retrenchments

Aldo Barba

University of Naples ‘Federico II’

Abstract

This paper discusses, from a theoretical perspective, the literature on the expansionistic effects of fiscal consolidations. We have analysed the question in the framework of the truly Keynesian setting, of an IS-LM model extended to allow for the term structure of interest rates, and of the intertemporal neo-classical macromodel. Particular attention has been given to the theme of expectations, as well as to the role of interest rate and saving in driving output variations.


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