Köhler-Töglhofer, Walpurga; Reiss, Lukas - In: Monetary Policy & the Economy (2009) 1, pp. 78-99
This paper provides theoretical and empirical evidence on the effectiveness of discretionary fiscal policy in times of … crisis. In “normal” times, a whole range of arguments speaks against the use of discretionary fiscal policy for stabilization … – an inflation package, two economic stimulus packages, personal income tax reform brought forward – will increase GDP by …