Machine generated contents note: -- Part I. Varieties of Liberalism and the early welfare state: UK, Germany, and Japan -- 1. Liberalism and the welfare state in Britain, 1880-1945 -- Roger Backhouse, Bradley Bateman, and Tamotsu Nishizawa -- 2. New liberalism to the new right: economists and...

We investigate the macroeconomic effects of fiscal policy using a Bayesian Structural Vector Autoregression approach. We build on a recursive identification scheme, but we: (i) include the feedback from government debt (ii); look at the impact on the composition of output; (iii) assess the...

This paper develops a dynamic stochastic general equilibrium model to examine the quantitative macroeconomic implications of countercyclical fiscal policy for France, Germany and the UK. The model incorporates real wage rigidity which is the particular market failure justifying policy...