English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Global: Zendy Plus annual

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Global: Zendy Tools annual

Global: Zendy Free Plan

Global: Zendy Tools monthly

Global: Zendy Plus monthly

From the 1980s, mainstream macroeconomic thinking experienced a strong convergence in methodological assumptions and policy proposals for more than two decades. This “New Macroeconomics Consensus” was characterized by the role played by the monetary policy in macroeconomic adjustment. Fiscal policy was set aside; it should only be concerned with keeping public debt in a stable path in order to ensure the “economic fundamentals”. However, the need for active and unconventional policy measures during the 2008 global economic crisis brought fiscal policy back to the mainstream debate. This paper briefly describes this convergence, discussing the role it assigned for fiscal policy before the crisis, and then examines the issues the postcrisis debate concentrated on, showing how it differs from the previous mainstream conception of fiscal policy. We suggest that mainstream limitations to deal with fiscal policy may have opened a window of opportunity for a broader review of its role as a policy tool.

THE NEW CONSENSUS UNDER STRESS: THE FINANCIAL CRISIS AND THE FISCAL POLICY COMEBACK