Name File Type Size Last Modified
Database 1980 2019_12_13_2019.dta application/x-stata 32.7 KB 02/16/2020 06:22:AM
Database_AS_12_12_2019.dta application/x-stata 31.5 KB 02/16/2020 06:22:AM
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Figure3_Five_period_ITC.mod text/plain 857 bytes 02/16/2020 06:22:AM
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Figure3_One_period_ITC.mod text/plain 792 bytes 02/16/2020 06:22:AM
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Figure4_Twenty_period_ITC.mod text/x-matlab 2.1 KB 02/16/2020 06:22:AM

Project Citation: 

Blanchard, Olivier , and Summers, Lawrence. Data and code for: Automatic stabilizers in a low-rate environment. Nashville, TN: American Economic Association [publisher], 2020. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2020-02-16. https://doi.org/10.3886/E117762V1

Project Description

Summary:  View help for Summary
In a world where monetary policy cannot assume responsibility for stabilization policy, there is a strong need for fiscal policy to address stabilization issues.  In this context, we argue for “semi-automatic stabilizers” , aimed at reducing unemployment slumps rather than output recessions. We show that the hole left by the limits on monetary policy implies a large role for fiscal policy in general, and for semi-automatic stabilizers in particular.  Finally, we argue that the design of stabilizers, whether they focus on mechanisms that rely primarily on income or on intertemporal substitution effects, depends crucially on the general design of discretionary policy. 

Scope of Project

JEL Classification:  View help for JEL Classification
      E62 Fiscal Policy


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