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Table of Contents
Intro; Preface and Acknowledgements; Contents; List of Figures; List of Tables; Chapter 1 The Keynesian Revival; Abstract; 1.1 Introduction; 1.2 The G20 Fiscal Response to the Global Financial Crisis; 1.3 Non-Keynesian Perspectives; 1.3.1 Economics or Politics?; 1.3.2 The Paradox of Spending; 1.4 Gauging Multipliers; 1.5 What Lies Ahead; References; Chapter 2 Macro-foundations for Fiscal Analysis; Abstract; 2.1 Introduction; 2.2 Macro-accounting Foundations; 2.2.1 Sources of Funds; 2.3 Saving, Investment and Budget Deficits; 2.3.1 Budget Deficits and Government Borrowing
2.3.2 Private Investment and Saving2.3.3 A Loanable Funds Framework; 2.4 Aggregate Demand and the Keynesian Cross; 2.4.1 Non-Keynesian Perspectives; 2.5 Output, Absorption and the Trade Balance; 2.5.1 Expenditure-Output Independence; 2.6 Conclusion; References; Chapter 3 Budget Deficits, Public Debt and Crowding Out; Abstract; 3.1 Introduction; 3.2 Closed Economy Loanable Funds Framework; 3.2.1 Modelling the Global Financial Crisis; 3.2.2 Macroeconomic Policy Response; 3.3 Open Economy Loanable Funds Framework; 3.4 Government Spending; 3.4.1 Open Economy: PCM
3.4.2 Open Economy: ICM3.5 Income Tax Cuts; 3.6 Balanced Budget; 3.7 Expected Depreciation; 3.8 Conclusion; References; Chapter 4 Budget Deficits and National Income; Abstract; 4.1 Introduction; 4.2 Investment, National Output and National Income; 4.3 Government Spending; 4.3.1 Closed Economy; 4.3.2 Open Economy: PCM; 4.3.3 Open Economy: ICM; 4.4 Income Tax Cuts; 4.5 Balanced Budget; 4.6 Credit Rating Downgrades and Expected Depreciation; 4.7 Public Investment; 4.7.1 Closed Economy; 4.7.2 Open Economy: PCM; 4.7.3 Open Economy: ICM; 4.8 Conclusion; References
Chapter 5 Fiscal Policy, Money and the Exchange RateAbstract; 5.1 Introduction; 5.2 The Basic Model; 5.2.1 The Real Sector; 5.2.2 The Monetary Sector; 5.2.3 Price Level Dynamics; 5.2.4 Longer Run Adjustment; 5.3 Monetary Policy Versus Fiscal Policy; 5.3.1 Monetary Stimulus; 5.3.2 Fiscal Stimulus; 5.3.3 Public Investment and Business Tax; 5.4 Conclusion; Appendix: Deriving the Model; The AE Schedule; The MM Schedule; References; Chapter 6 Fiscal Policy in a Dependent Economy; Abstract; 6.1 Introduction; 6.2 The Two-Sector Model
6.2.1 Expenditure and Output in the Tradable and Non-tradable Sectors6.2.2 Monetary Relations; 6.2.3 The External Accounts and Capital Mobility; 6.3 Government Spending; 6.3.1 Public Spending on Tradables; 6.3.2 Public Spending on Non-tradables; 6.4 Unsustainable Current Account Deficits and Fixed Exchange Rates; 6.4.1 Unsustainable Current Account Deficits; 6.4.2 Government Spending Under Fixed Exchange Rates: ICM; 6.5 Conclusion; References; Chapter 7 Fiscal Consolidation; Abstract; 7.1 Introduction; 7.2 Public Debt Sustainability; 7.3 Reduced Government Spending
2.3.2 Private Investment and Saving2.3.3 A Loanable Funds Framework; 2.4 Aggregate Demand and the Keynesian Cross; 2.4.1 Non-Keynesian Perspectives; 2.5 Output, Absorption and the Trade Balance; 2.5.1 Expenditure-Output Independence; 2.6 Conclusion; References; Chapter 3 Budget Deficits, Public Debt and Crowding Out; Abstract; 3.1 Introduction; 3.2 Closed Economy Loanable Funds Framework; 3.2.1 Modelling the Global Financial Crisis; 3.2.2 Macroeconomic Policy Response; 3.3 Open Economy Loanable Funds Framework; 3.4 Government Spending; 3.4.1 Open Economy: PCM
3.4.2 Open Economy: ICM3.5 Income Tax Cuts; 3.6 Balanced Budget; 3.7 Expected Depreciation; 3.8 Conclusion; References; Chapter 4 Budget Deficits and National Income; Abstract; 4.1 Introduction; 4.2 Investment, National Output and National Income; 4.3 Government Spending; 4.3.1 Closed Economy; 4.3.2 Open Economy: PCM; 4.3.3 Open Economy: ICM; 4.4 Income Tax Cuts; 4.5 Balanced Budget; 4.6 Credit Rating Downgrades and Expected Depreciation; 4.7 Public Investment; 4.7.1 Closed Economy; 4.7.2 Open Economy: PCM; 4.7.3 Open Economy: ICM; 4.8 Conclusion; References
Chapter 5 Fiscal Policy, Money and the Exchange RateAbstract; 5.1 Introduction; 5.2 The Basic Model; 5.2.1 The Real Sector; 5.2.2 The Monetary Sector; 5.2.3 Price Level Dynamics; 5.2.4 Longer Run Adjustment; 5.3 Monetary Policy Versus Fiscal Policy; 5.3.1 Monetary Stimulus; 5.3.2 Fiscal Stimulus; 5.3.3 Public Investment and Business Tax; 5.4 Conclusion; Appendix: Deriving the Model; The AE Schedule; The MM Schedule; References; Chapter 6 Fiscal Policy in a Dependent Economy; Abstract; 6.1 Introduction; 6.2 The Two-Sector Model
6.2.1 Expenditure and Output in the Tradable and Non-tradable Sectors6.2.2 Monetary Relations; 6.2.3 The External Accounts and Capital Mobility; 6.3 Government Spending; 6.3.1 Public Spending on Tradables; 6.3.2 Public Spending on Non-tradables; 6.4 Unsustainable Current Account Deficits and Fixed Exchange Rates; 6.4.1 Unsustainable Current Account Deficits; 6.4.2 Government Spending Under Fixed Exchange Rates: ICM; 6.5 Conclusion; References; Chapter 7 Fiscal Consolidation; Abstract; 7.1 Introduction; 7.2 Public Debt Sustainability; 7.3 Reduced Government Spending