Wray, L. Randall - In: International Review of Applied Economics 20 (2006) 3, pp. 375-389
argue that fiscal policy, however, has been operated as if it faced financing constraints. For this reason, growth has been … demand-constrained by austere fiscal policy. However, the perceived constraints on fiscal policy are not appropriate to a … from the mid 1970s (what Greenspan disparagingly calls a fiat money standard) has made it possible to operate fiscal policy …