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The book focuses on the macro fiscal policy changes and asks what have been learned from this turbulent decade about the effects of fiscal policy on the economy.
The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.
The first edition of The Growth Experiment, originally published in 1990 as a response to critics of the Reagan-era tax cuts, became a kind of bible for proponents of supply-side economics. This new and updated edition, which explores the economic effects of America's tax policy over the last five presidential administrations, makes a bold and timely argument against the centerpiece of Obama's economic policy -- increasing taxes on the wealthy. Lawrence Lindsey provides a data-rich argument showing that because of changes in human behavior prompted by tax cuts, lowering taxes on the wealthy "costs" the treasury far less than most economists calculate and creates an economic boon to middle and lower income earners. Sure to be controversial, The Growth Experiment Revisited is essential reading for anyone looking to understand the arguments at the heart of this most fractious of American policy debates.
Top economists consider how to conduct policy in a world where previous beliefs have been shattered by the recent financial and economic crises. Since 2008, economic policymakers and researchers have occupied a brave new economic world. Previous consensuses have been upended, former assumptions have been cast into doubt, and new approaches have yet to stand the test of time. Policymakers have been forced to improvise and researchers to rethink basic theory. George Akerlof, Nobel Laureate and one of this volume's editors, compares the crisis to a cat stuck in a tree, afraid to move. In April 2013, the International Monetary Fund brought together leading economists and economic policymakers to discuss the slowly emerging contours of the macroeconomic future. This book offers their combined insights. The editors and contributors—who include the Nobel Laureate and bestselling author Joseph Stiglitz, Federal Reserve Vice Chair Janet Yellen, and the former Governor of the Bank of Israel Stanley Fischer—consider the lessons learned from the crisis and its aftermath. They discuss, among other things, post-crisis questions about the traditional policy focus on inflation; macroprudential tools (which focus on the stability of the entire financial system rather than of individual firms) and their effectiveness; fiscal stimulus, public debt, and fiscal consolidation; and exchange rate arrangements.
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
The Economic and Fiscal Consequences of Immigration finds that the long-term impact of immigration on the wages and employment of native-born workers overall is very small, and that any negative impacts are most likely to be found for prior immigrants or native-born high school dropouts. First-generation immigrants are more costly to governments than are the native-born, but the second generation are among the strongest fiscal and economic contributors in the U.S. This report concludes that immigration has an overall positive impact on long-run economic growth in the U.S. More than 40 million people living in the United States were born in other countries, and almost an equal number have at least one foreign-born parent. Together, the first generation (foreign-born) and second generation (children of the foreign-born) comprise almost one in four Americans. It comes as little surprise, then, that many U.S. residents view immigration as a major policy issue facing the nation. Not only does immigration affect the environment in which everyone lives, learns, and works, but it also interacts with nearly every policy area of concern, from jobs and the economy, education, and health care, to federal, state, and local government budgets. The changing patterns of immigration and the evolving consequences for American society, institutions, and the economy continue to fuel public policy debate that plays out at the national, state, and local levels. The Economic and Fiscal Consequences of Immigration assesses the impact of dynamic immigration processes on economic and fiscal outcomes for the United States, a major destination of world population movements. This report will be a fundamental resource for policy makers and law makers at the federal, state, and local levels but extends to the general public, nongovernmental organizations, the business community, educational institutions, and the research community.
An empirical investigation of financial crises during the last 800 years.
One of Barack Obama's Recommended Reads for Summer “[A] brave and necessary book . . . Anyone interested in the future of liberal democracy, in the US or anywhere else, should read this book.” —Anne Applebaum “A convincing, humane, and hopeful guide to the present and future by one of our foremost democratic thinkers.” —George Packer “A rare thing: [an] academic treatise . . . that may actually have influence in the arena of practical politics. . . . Passionate and personal.” —Joe Klein, New York Times Book Review From one of our sharpest and most important political thinkers, a brilliant big-picture vision of the greatest challenge of our time—how to bridge the bitter divides within diverse democracies enough for them to remain stable and functional Some democracies are highly homogeneous. Others have long maintained a brutal racial or religious hierarchy, with some groups dominating and exploiting others. Never in history has a democracy succeeded in being both diverse and equal, treating members of many different ethnic or religious groups fairly. And yet achieving that goal is now central to the democratic project in countries around the world. It is, Yascha Mounk argues, the greatest experiment of our time. Drawing on history, social psychology, and comparative politics, Mounk examines how diverse societies have long suffered from the ills of domination, fragmentation, or structured anarchy. So it is hardly surprising that most people are now deeply pessimistic that different groups might be able to integrate in harmony, celebrating their differences without essentializing them. But Mounk shows us that the past can offer crucial insights for how to do better in the future. There is real reason for hope. It is up to us and the institutions we build whether different groups will come to see each other as enemies or friends, as strangers or compatriots. To make diverse democracies endure, and even thrive, we need to create a world in which our ascriptive identities come to matter less—not because we ignore the injustices that still characterize the United States and so many other countries around the world, but because we have succeeded in addressing them. The Great Experiment is that rare book that offers both a profound understanding of an urgent problem and genuine hope for our human capacity to solve it. As Mounk contends, giving up on the prospects of building fair and thriving diverse democracies is simply not an option—and that is why we must strive to realize a more ambitious vision for the future of our societies.