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data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-Monetary_or_fiscal_policy?" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Monetary_or_fiscal_policy?"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>Monetary or fiscal policy?</span> </div> </a> <ul id="toc-Monetary_or_fiscal_policy?-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Stances" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Stances"> <div 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<span class="vector-toc-numb">3.1</span> <span>Borrowing</span> </div> </a> <ul id="toc-Borrowing-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Dipping_into_prior_surpluses" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Dipping_into_prior_surpluses"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Dipping into prior surpluses</span> </div> </a> <ul id="toc-Dipping_into_prior_surpluses-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Fiscal_straitjacket" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Fiscal_straitjacket"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Fiscal straitjacket</span> </div> </a> <ul id="toc-Fiscal_straitjacket-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Economic_effects" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Economic_effects"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Economic effects</span> </div> </a> <ul id="toc-Economic_effects-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bibliography" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Bibliography"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Bibliography</span> </div> </a> <ul id="toc-Bibliography-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Fiscal policy</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 57 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-57" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">57 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B3%D9%8A%D8%A7%D8%B3%D8%A9_%D9%85%D8%A7%D9%84%D9%8A%D8%A9" title="سياسة مالية – Arabic" lang="ar" hreflang="ar" data-title="سياسة مالية" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Fiskal_siyas%C9%99t" title="Fiskal siyasət – Azerbaijani" lang="az" hreflang="az" data-title="Fiskal siyasət" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%B0%E0%A6%BE%E0%A6%9C%E0%A6%B8%E0%A7%8D%E0%A6%AC_%E0%A6%A8%E0%A7%80%E0%A6%A4%E0%A6%BF" title="রাজস্ব নীতি – Bangla" lang="bn" hreflang="bn" data-title="রাজস্ব নীতি" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="https://be.wikipedia.org/wiki/%D0%A4%D1%96%D1%81%D0%BA%D0%B0%D0%BB%D1%8C%D0%BD%D0%B0%D1%8F_%D0%BF%D0%B0%D0%BB%D1%96%D1%82%D1%8B%D0%BA%D0%B0" title="Фіскальная палітыка – Belarusian" lang="be" hreflang="be" data-title="Фіскальная палітыка" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target"><span>Беларуская</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%A4%D0%B8%D1%81%D0%BA%D0%B0%D0%BB%D0%BD%D0%B0_%D0%BF%D0%BE%D0%BB%D0%B8%D1%82%D0%B8%D0%BA%D0%B0" title="Фискална политика – Bulgarian" lang="bg" hreflang="bg" data-title="Фискална политика" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-bs mw-list-item"><a href="https://bs.wikipedia.org/wiki/Fiskalna_politika" title="Fiskalna politika – Bosnian" lang="bs" hreflang="bs" data-title="Fiskalna politika" data-language-autonym="Bosanski" data-language-local-name="Bosnian" class="interlanguage-link-target"><span>Bosanski</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Pol%C3%ADtica_fiscal" title="Política fiscal – Catalan" lang="ca" hreflang="ca" data-title="Política fiscal" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Fisk%C3%A1ln%C3%AD_politika" title="Fiskální politika – Czech" lang="cs" hreflang="cs" data-title="Fiskální politika" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-cy mw-list-item"><a href="https://cy.wikipedia.org/wiki/Polisi_cyllidol" title="Polisi cyllidol – Welsh" lang="cy" hreflang="cy" data-title="Polisi cyllidol" data-language-autonym="Cymraeg" data-language-local-name="Welsh" class="interlanguage-link-target"><span>Cymraeg</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Fiskalpolitik" title="Fiskalpolitik – German" lang="de" hreflang="de" data-title="Fiskalpolitik" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Fiskaalpoliitika" title="Fiskaalpoliitika – Estonian" lang="et" hreflang="et" data-title="Fiskaalpoliitika" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%94%CE%B7%CE%BC%CE%BF%CF%83%CE%B9%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CE%BA%CE%AE_%CF%80%CE%BF%CE%BB%CE%B9%CF%84%CE%B9%CE%BA%CE%AE" title="Δημοσιονομική πολιτική – Greek" lang="el" hreflang="el" data-title="Δημοσιονομική πολιτική" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Pol%C3%ADtica_fiscal" title="Política fiscal – Spanish" lang="es" hreflang="es" data-title="Política fiscal" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Fiska_politiko" title="Fiska politiko – Esperanto" lang="eo" hreflang="eo" data-title="Fiska politiko" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Politika_fiskal" title="Politika fiskal – Basque" lang="eu" hreflang="eu" data-title="Politika fiskal" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B3%DB%8C%D8%A7%D8%B3%D8%AA_%D9%85%D8%A7%D9%84%DB%8C" title="سیاست مالی – Persian" lang="fa" hreflang="fa" data-title="سیاست مالی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fo mw-list-item"><a href="https://fo.wikipedia.org/wiki/F%C3%ADggjarpolitikkur" title="Fíggjarpolitikkur – Faroese" lang="fo" hreflang="fo" data-title="Fíggjarpolitikkur" data-language-autonym="Føroyskt" data-language-local-name="Faroese" class="interlanguage-link-target"><span>Føroyskt</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Politique_fiscale" title="Politique fiscale – French" lang="fr" hreflang="fr" data-title="Politique fiscale" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%9E%AC%EC%A0%95_%EC%A0%95%EC%B1%85" title="재정 정책 – Korean" lang="ko" hreflang="ko" data-title="재정 정책" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%80%D5%A1%D6%80%D5%AF%D5%A1%D5%A2%D5%B5%D5%B8%D6%82%D5%BB%D5%A5%D5%BF%D5%A1%D5%B5%D5%AB%D5%B6_%D6%84%D5%A1%D5%B2%D5%A1%D6%84%D5%A1%D5%AF%D5%A1%D5%B6%D5%B8%D6%82%D5%A9%D5%B5%D5%B8%D6%82%D5%B6" title="Հարկաբյուջետային քաղաքականություն – Armenian" lang="hy" hreflang="hy" data-title="Հարկաբյուջետային քաղաքականություն" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B0%E0%A4%BE%E0%A4%9C%E0%A4%95%E0%A5%8B%E0%A4%B7%E0%A5%80%E0%A4%AF_%E0%A4%A8%E0%A5%80%E0%A4%A4%E0%A4%BF" title="राजकोषीय नीति – Hindi" lang="hi" hreflang="hi" data-title="राजकोषीय नीति" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Kebijakan_fiskal" title="Kebijakan fiskal – Indonesian" lang="id" hreflang="id" data-title="Kebijakan fiskal" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Politica_fiscale" title="Politica fiscale – Italian" lang="it" hreflang="it" data-title="Politica fiscale" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%9E%D7%93%D7%99%D7%A0%D7%99%D7%95%D7%AA_%D7%A4%D7%99%D7%A1%D7%A7%D7%9C%D7%99%D7%AA" title="מדיניות פיסקלית – Hebrew" lang="he" hreflang="he" data-title="מדיניות פיסקלית" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%A1%D0%B0%D0%BB%D1%8B%D2%9B_%D1%81%D0%B0%D1%8F%D1%81%D0%B0%D1%82%D1%8B" title="Салық саясаты – Kazakh" lang="kk" hreflang="kk" data-title="Салық саясаты" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-ky mw-list-item"><a href="https://ky.wikipedia.org/wiki/%D0%A1%D0%B0%D0%BB%D1%8B%D0%BA_%D1%81%D0%B0%D1%8F%D1%81%D0%B0%D1%82%D1%8B" title="Салык саясаты – Kyrgyz" lang="ky" hreflang="ky" data-title="Салык саясаты" data-language-autonym="Кыргызча" data-language-local-name="Kyrgyz" class="interlanguage-link-target"><span>Кыргызча</span></a></li><li class="interlanguage-link interwiki-lo mw-list-item"><a href="https://lo.wikipedia.org/wiki/%E0%BA%99%E0%BA%B0%E0%BB%82%E0%BA%8D%E0%BA%9A%E0%BA%B2%E0%BA%8D%E0%BA%81%E0%BA%B2%E0%BA%99%E0%BB%80%E0%BA%87%E0%BA%B4%E0%BA%99" title="ນະໂຍບາຍການເງິນ – Lao" lang="lo" hreflang="lo" data-title="ນະໂຍບາຍການເງິນ" data-language-autonym="ລາວ" data-language-local-name="Lao" class="interlanguage-link-target"><span>ລາວ</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Fisk%C4%81l%C4%81_politika" title="Fiskālā politika – Latvian" lang="lv" hreflang="lv" data-title="Fiskālā politika" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Fiskalin%C4%97_politika" title="Fiskalinė politika – Lithuanian" lang="lt" hreflang="lt" data-title="Fiskalinė politika" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/K%C3%B6lts%C3%A9gvet%C3%A9si_politika" title="Költségvetési politika – Hungarian" lang="hu" hreflang="hu" data-title="Költségvetési politika" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%A4%D0%B8%D1%81%D0%BA%D0%B0%D0%BB%D0%BD%D0%B0_%D0%BF%D0%BE%D0%BB%D0%B8%D1%82%D0%B8%D0%BA%D0%B0" title="Фискална политика – Macedonian" lang="mk" hreflang="mk" data-title="Фискална политика" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Fiscaal_beleid" title="Fiscaal beleid – Dutch" lang="nl" hreflang="nl" data-title="Fiscaal beleid" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%B0%E0%A4%BE%E0%A4%9C%E0%A4%95%E0%A5%8B%E0%A4%B7%E0%A5%80%E0%A4%AF_%E0%A4%A8%E0%A5%80%E0%A4%A4%E0%A4%BF" title="राजकोषीय नीति – Nepali" lang="ne" hreflang="ne" data-title="राजकोषीय नीति" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target"><span>नेपाली</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E8%B2%A1%E6%94%BF%E6%94%BF%E7%AD%96" title="財政政策 – Japanese" lang="ja" hreflang="ja" data-title="財政政策" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-oc mw-list-item"><a href="https://oc.wikipedia.org/wiki/Politica_fiscala" title="Politica fiscala – Occitan" lang="oc" hreflang="oc" data-title="Politica fiscala" data-language-autonym="Occitan" data-language-local-name="Occitan" class="interlanguage-link-target"><span>Occitan</span></a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D9%85%D8%A7%D9%84%D9%8A_%D8%B3%D9%8A%D8%A7%D8%B3%D8%AA" title="مالي سياست – Pashto" lang="ps" hreflang="ps" data-title="مالي سياست" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-km mw-list-item"><a href="https://km.wikipedia.org/wiki/%E1%9E%82%E1%9F%84%E1%9E%9B%E1%9E%93%E1%9E%99%E1%9F%84%E1%9E%94%E1%9E%B6%E1%9E%99%E1%9E%9F%E1%9E%B6%E1%9E%9A%E1%9E%96%E1%9E%BE%E1%9E%96%E1%9E%93%E1%9F%92%E1%9E%92" title="គោលនយោបាយសារពើពន្ធ – Khmer" lang="km" hreflang="km" data-title="គោលនយោបាយសារពើពន្ធ" data-language-autonym="ភាសាខ្មែរ" data-language-local-name="Khmer" class="interlanguage-link-target"><span>ភាសាខ្មែរ</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Polityka_fiskalna" title="Polityka fiskalna – Polish" lang="pl" hreflang="pl" data-title="Polityka fiskalna" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Pol%C3%ADtica_or%C3%A7amental" title="Política orçamental – Portuguese" lang="pt" hreflang="pt" data-title="Política orçamental" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Politica_fiscal%C4%83" title="Politica fiscală – Romanian" lang="ro" hreflang="ro" data-title="Politica fiscală" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A4%D0%B8%D1%81%D0%BA%D0%B0%D0%BB%D1%8C%D0%BD%D0%B0%D1%8F_%D0%BF%D0%BE%D0%BB%D0%B8%D1%82%D0%B8%D0%BA%D0%B0" title="Фискальная политика – Russian" lang="ru" hreflang="ru" data-title="Фискальная политика" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Politika_fiskale" title="Politika fiskale – Albanian" lang="sq" hreflang="sq" data-title="Politika fiskale" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Fiscal_policy" title="Fiscal policy – Simple English" lang="en-simple" hreflang="en-simple" data-title="Fiscal policy" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Fi%C5%A1k%C3%A1lna_politika" title="Fiškálna politika – Slovak" lang="sk" hreflang="sk" data-title="Fiškálna politika" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://sl.wikipedia.org/wiki/Fiskalna_politika" title="Fiskalna politika – Slovenian" lang="sl" hreflang="sl" data-title="Fiskalna politika" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target"><span>Slovenščina</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%A4%D0%B8%D1%81%D0%BA%D0%B0%D0%BB%D0%BD%D0%B0_%D0%BF%D0%BE%D0%BB%D0%B8%D1%82%D0%B8%D0%BA%D0%B0" title="Фискална политика – Serbian" lang="sr" hreflang="sr" data-title="Фискална политика" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Finanssipolitiikka" title="Finanssipolitiikka – Finnish" lang="fi" hreflang="fi" data-title="Finanssipolitiikka" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%A8%E0%AE%BF%E0%AE%A4%E0%AE%BF%E0%AE%95%E0%AF%8D%E0%AE%95%E0%AF%8A%E0%AE%B3%E0%AF%8D%E0%AE%95%E0%AF%88" title="நிதிக்கொள்கை – Tamil" lang="ta" hreflang="ta" data-title="நிதிக்கொள்கை" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%99%E0%B9%82%E0%B8%A2%E0%B8%9A%E0%B8%B2%E0%B8%A2%E0%B8%81%E0%B8%B2%E0%B8%A3%E0%B8%84%E0%B8%A5%E0%B8%B1%E0%B8%87" title="นโยบายการคลัง – Thai" lang="th" hreflang="th" data-title="นโยบายการคลัง" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Maliye_politikas%C4%B1" title="Maliye politikası – Turkish" lang="tr" hreflang="tr" data-title="Maliye politikası" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%A4%D1%96%D1%81%D0%BA%D0%B0%D0%BB%D1%8C%D0%BD%D0%B0_%D0%BF%D0%BE%D0%BB%D1%96%D1%82%D0%B8%D0%BA%D0%B0" title="Фіскальна політика – Ukrainian" lang="uk" hreflang="uk" data-title="Фіскальна політика" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vec mw-list-item"><a href="https://vec.wikipedia.org/wiki/Pu%C5%82itega_fisca%C5%82e" title="Pułitega fiscałe – Venetian" lang="vec" hreflang="vec" data-title="Pułitega fiscałe" data-language-autonym="Vèneto" data-language-local-name="Venetian" class="interlanguage-link-target"><span>Vèneto</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Ch%C3%ADnh_s%C3%A1ch_t%C3%A0i_kh%C3%B3a" title="Chính sách tài khóa – Vietnamese" lang="vi" hreflang="vi" data-title="Chính sách tài khóa" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-war mw-list-item"><a href="https://war.wikipedia.org/wiki/Polisiya_fiscal" title="Polisiya fiscal – Waray" lang="war" hreflang="war" data-title="Polisiya fiscal" data-language-autonym="Winaray" data-language-local-name="Waray" class="interlanguage-link-target"><span>Winaray</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E8%B4%A2%E6%94%BF%E6%94%BF%E7%AD%96" title="财政政策 – Wu" lang="wuu" hreflang="wuu" data-title="财政政策" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target"><span>吴语</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E8%B2%A1%E6%94%BF%E6%94%BF%E7%AD%96" title="財政政策 – Cantonese" lang="yue" hreflang="yue" data-title="財政政策" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E8%B4%A2%E6%94%BF%E6%94%BF%E7%AD%96" title="财政政策 – Chinese" lang="zh" hreflang="zh" data-title="财政政策" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet 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<div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Use of government revenue collection and expenditure to influence a country's economy</div> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul 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.sidebar{width:100%!important;clear:both;float:none!important;margin-left:0!important;margin-right:0!important}}body.skin--responsive .mw-parser-output .sidebar a>img{max-width:none!important}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><th class="sidebar-title"><a href="/wiki/Public_finance" title="Public finance">Public finance</a></th></tr><tr><td class="sidebar-image"><span class="mw-image-border" typeof="mw:File/Frameless"><a href="/wiki/File:Government-Vedder-Highsmith-detail-1.jpeg" class="mw-file-description"><img alt="Detail from the mural "Government" by Elihu Vedder in the Library of Congress" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cd/Government-Vedder-Highsmith-detail-1.jpeg/250px-Government-Vedder-Highsmith-detail-1.jpeg" decoding="async" width="250" height="158" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cd/Government-Vedder-Highsmith-detail-1.jpeg/375px-Government-Vedder-Highsmith-detail-1.jpeg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cd/Government-Vedder-Highsmith-detail-1.jpeg/500px-Government-Vedder-Highsmith-detail-1.jpeg 2x" data-file-width="3696" data-file-height="2343" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)"><a href="/wiki/Public_policy" title="Public policy">Policies</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Agricultural_policy" title="Agricultural policy">Agricultural</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Economic</a></li> <li><a href="/wiki/Energy_policy" title="Energy policy">Energy</a></li> <li><a href="/wiki/Industrial_policy" title="Industrial policy">Industrial</a></li> <li><a href="/wiki/Investment_policy" title="Investment policy">Investment</a></li> <li><a href="/wiki/Social_policy" title="Social policy">Social</a></li> <li><a href="/wiki/Trade_policy" class="mw-redirect" title="Trade policy">Trade</a></li> <li><a class="mw-selflink selflink">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Policy_mix" title="Policy mix">Policy mix</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)"><a class="mw-selflink selflink">Fiscal policy</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Government_budget" title="Government budget">Budget</a> <ul><li><a href="/wiki/Budgetary_policy" title="Budgetary policy">policy</a></li></ul></li> <li><a href="/wiki/Government_debt" title="Government debt">Debt</a> <ul><li><a href="/wiki/Internal_debt" title="Internal debt">internal</a></li></ul></li> <li><a href="/wiki/Government_budget_deficit" class="mw-redirect" title="Government budget deficit">Deficit / surplus</a></li> <li><a href="/wiki/Finance_minister" class="mw-redirect" title="Finance minister">Finance ministry</a></li> <li><a href="/wiki/Fiscal_union" title="Fiscal union">Fiscal union</a></li> <li><a href="/wiki/Government_revenue" title="Government revenue">Revenue</a></li> <li><a href="/wiki/Government_spending" title="Government spending">Spending</a> <ul><li><a href="/wiki/Deficit_spending" title="Deficit spending">deficit</a></li></ul></li> <li><a href="/wiki/Tax_policy" title="Tax policy">Tax</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)"><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary policy</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Bank_reserves" title="Bank reserves">Bank reserves</a> <ul><li><a href="/wiki/Reserve_requirement" title="Reserve requirement">requirements</a></li></ul></li> <li><a href="/wiki/Discount_window" title="Discount window">Discount window</a></li> <li><a href="/wiki/Gold_reserves" class="mw-redirect" title="Gold reserves">Gold reserves</a></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Monetary_authority" class="mw-redirect" title="Monetary authority">Monetary authority</a> <ul><li><a href="/wiki/Central_bank" title="Central bank">central bank</a></li> <li><a href="/wiki/Currency_board" title="Currency board">currency board</a></li></ul></li> <li><a href="/wiki/Monetary_base" title="Monetary base">Monetary base</a></li> <li><a href="/wiki/Currency_union" title="Currency union">Monetary (currency) union</a></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)"><a href="/wiki/Commercial_policy" title="Commercial policy">Trade policy</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Balance_of_trade" title="Balance of trade">Balance of trade</a></li> <li><a href="/wiki/Free_trade" title="Free trade">Free trade</a></li> <li><a href="/wiki/Gains_from_trade" title="Gains from trade">Gains from trade</a></li> <li><a href="/wiki/Non-tariff_barrier" class="mw-redirect" title="Non-tariff barrier">Non-tariff barrier</a></li> <li><a href="/wiki/Protectionism" title="Protectionism">Protectionism</a></li> <li><a href="/wiki/Tariff" title="Tariff">Tariff</a></li> <li><a href="/wiki/Trade_bloc" title="Trade bloc">Trade bloc</a></li> <li><a href="/wiki/Trade_creation" title="Trade creation">Trade creation</a></li> <li><a href="/wiki/Trade_diversion" title="Trade diversion">Trade diversion</a></li> <li><a href="/wiki/Commerce_minister" title="Commerce minister">Trade / commerce ministry</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)"><div class="hlist"><ul><li><a href="/wiki/Government_revenue" title="Government revenue">Revenue</a></li><li><a href="/wiki/Government_spending" title="Government spending">Spending</a></li></ul></div></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Non-tax_revenue" title="Non-tax revenue">Non-tax revenue</a></li> <li><a href="/wiki/Tax_revenue" title="Tax revenue">Tax revenue</a></li> <li><a href="/wiki/Discretionary_spending" title="Discretionary spending">Discretionary spending</a></li> <li><a href="/wiki/Mandatory_spending" title="Mandatory spending">Mandatory spending</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)">Optimum</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Balanced_budget" title="Balanced budget">Balanced budget</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Economic growth</a></li> <li><a href="/wiki/Price_stability" title="Price stability">Price stability</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #99f;text-align:center;;color: var(--color-base)">Reform</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fiscal_adjustment" title="Fiscal adjustment">Fiscal adjustment</a></li> <li><a href="/wiki/Monetary_reform" title="Monetary reform">Monetary reform</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below hlist"> <ul><li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Symbol_portal_class.svg" class="mw-file-description" title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a></span> <a href="/wiki/Portal:Money" title="Portal:Money">Portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Public_finance" title="Template:Public finance"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Public_finance" title="Template talk:Public finance"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Public_finance" title="Special:EditPage/Template:Public finance"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Macroeconomics" title="Category:Macroeconomics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></th></tr><tr><td class="sidebar-image" style="padding-top:0.6em;"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Ec_8_(26088200676)_(cropped).jpg" class="mw-file-description"><img alt="Federal Reserve" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/220px-Ec_8_%2826088200676%29_%28cropped%29.jpg" decoding="async" width="220" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/330px-Ec_8_%2826088200676%29_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/440px-Ec_8_%2826088200676%29_%28cropped%29.jpg 2x" data-file-width="2400" data-file-height="1633" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Basic concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a href="/wiki/Aggregate_supply" title="Aggregate supply">Aggregate supply</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Compound_annual_growth_rate" title="Compound annual growth rate">CAGR</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a></li> <li><a href="/wiki/Demand_shock" title="Demand shock">Demand shock</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li>Expectations <ul><li><a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive</a></li> <li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational</a></li></ul></li> <li><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crisis</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Growth</a></li> <li><a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Demand-pull_inflation" title="Demand-pull inflation">Demand-pull</a></li> <li><a href="/wiki/Cost-push_inflation" title="Cost-push inflation">Cost-push</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">Investment</a></li> <li><a href="/wiki/Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li> <li><a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a> <ul><li><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a></li> <li><a href="/wiki/Gross_national_income" title="Gross national income">GNI</a></li> <li><a href="/wiki/Net_national_income" title="Net national income">NNI</a></li></ul></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations</a></li> <li><a href="/wiki/Money" title="Money">Money</a> <ul><li><a href="/wiki/Endogenous_money" title="Endogenous money">Endogenous</a></li></ul></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Demand_for_money" title="Demand for money">Demand for money</a> <ul><li><a href="/wiki/Liquidity_preference" title="Liquidity preference">Liquidity preference</a></li></ul></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounts</a> <ul><li><a href="/wiki/System_of_National_Accounts" title="System of National Accounts">SNA</a></li></ul></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Nominal rigidity</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Shrinkflation" title="Shrinkflation">Shrinkflation</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li> <li><a href="/wiki/National_saving" title="National saving">Saving</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Policies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a class="mw-selflink selflink">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Commercial_policy" title="Commercial policy">Commercial</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Models</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS</a></li> <li><a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a></li> <li><a href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">Multiplier</a></li> <li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator</a></li> <li><a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a></li> <li><a href="/wiki/Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu</a></li> <li><a href="/wiki/Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar</a>Нмиф</li> <li><a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a></li> <li><a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans</a></li> <li><a href="/wiki/Overlapping_generations_model" title="Overlapping generations model">Overlapping generations</a></li> <li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General equilibrium</a> <ul><li><a href="/wiki/Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">DSGE</a></li></ul></li> <li><a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth</a></li> <li><a href="/wiki/Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching theory</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming</a></li> <li><a href="/wiki/Overshooting_model" title="Overshooting model">Overshooting</a></li> <li><a href="/wiki/NAIRU" title="NAIRU">NAIRU</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Related fields</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">Schools</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><i>Mainstream</i> <ul><li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater and freshwater</a></li></ul> <p><i>Heterodox</i> </p> <ul><li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/Category:Macroeconomists" title="Category:Macroeconomists">People</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li> <li><a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Richard_Stone" title="Richard Stone">Richard Stone</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li> <li><a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li> <li><a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a></li> <li><a href="/wiki/William_Nordhaus" title="William Nordhaus">William Nordhaus</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">See also</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li> <li><a href="/wiki/List_of_important_publications_in_economics#Macroeconomics" title="List of important publications in economics">Publications in macroeconomics</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Macroeconomics_sidebar" title="Template:Macroeconomics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Macroeconomics_sidebar" title="Template talk:Macroeconomics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Macroeconomics_sidebar" title="Special:EditPage/Template:Macroeconomics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>In <a href="/wiki/Economics" title="Economics">economics</a> and <a href="/wiki/Political_science" title="Political science">political science</a>, <b>fiscal policy</b> is the use of <a href="/wiki/Government_revenue" title="Government revenue">government revenue</a> collection (<a href="/wiki/Tax" title="Tax">taxes</a> or <a href="/wiki/Tax_cuts" class="mw-redirect" title="Tax cuts">tax cuts</a>) and <a href="/wiki/Government_spending" title="Government spending">expenditure</a> to influence a country's economy. The use of government revenue expenditures to influence <a href="/wiki/Macroeconomic" class="mw-redirect" title="Macroeconomic">macroeconomic</a> variables developed in reaction to the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> of the 1930s, when the previous <a href="/wiki/Laissez-faire" title="Laissez-faire">laissez-faire</a> approach to economic management became unworkable. Fiscal policy is based on the theories of the British economist <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a>, whose <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian economics</a> theorised that government changes in the levels of taxation and government spending influence <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a> and the level of economic activity. Fiscal and <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> are the key strategies used by a country's government and <a href="/wiki/Central_bank" title="Central bank">central bank</a> to advance its economic objectives. The combination of these policies enables these authorities to target inflation and to increase employment. In modern economies, inflation is conventionally considered "healthy" in the range of 2%–3%. Additionally, it is designed to try to keep <a href="/wiki/GDP" class="mw-redirect" title="GDP">GDP</a> growth at 2%–3% and the unemployment rate near the <a href="/wiki/Natural_rate_of_unemployment" title="Natural rate of unemployment">natural unemployment rate</a> of 4%–5%.<sup id="cite_ref-Kramer_1-0" class="reference"><a href="#cite_note-Kramer-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> This implies that fiscal policy is used to stabilise the economy over the course of the <a href="/wiki/Business_cycle" title="Business cycle">business cycle</a>.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>Changes in the level and composition of taxation and government spending can affect macroeconomic variables, including: </p> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a> and the level of economic activity</li> <li><a href="/wiki/Saving" title="Saving">saving</a> and <a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">investment</a></li> <li><a href="/wiki/Income_distribution" title="Income distribution">income distribution</a></li> <li><a href="/wiki/Allocation_of_resources" class="mw-redirect" title="Allocation of resources">allocation of resources</a>.</li></ul> <p>Fiscal policy can be distinguished from <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a>, in that fiscal policy deals with taxation and government spending and is often administered by a government department; while monetary policy deals with the <a href="/wiki/Money_supply" title="Money supply">money supply</a>, <a href="/wiki/Interest_rate" title="Interest rate">interest rates</a> and is often administered by a country's <a href="/wiki/Central_bank" title="Central bank">central bank</a>. Both fiscal and monetary policies influence a country's economic performance. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Monetary_or_fiscal_policy?"><span id="Monetary_or_fiscal_policy.3F"></span>Monetary or fiscal policy?</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fiscal_policy&action=edit&section=1" title="Edit section: Monetary or fiscal policy?"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Monetary/fiscal_debate" title="Monetary/fiscal debate">Monetary/fiscal debate</a></div> <p>Since the 1970s, it became clear that monetary policy performance has some benefits over fiscal policy due to the fact that it reduces political influence, as it is set by the central bank (to have an expanding economy before the general election, politicians might cut the interest rates). Additionally, fiscal policy can potentially have more supply-side effects on the economy: to reduce inflation, the measures of increasing taxes and lowering spending would not be preferred, so the government might be reluctant to use these. Monetary policy is generally quicker to implement as interest rates can be set every month, while the decision to increase government spending might take time to figure out which area the money should be spent on.<sup id="cite_ref-Pettinger_3-0" class="reference"><a href="#cite_note-Pettinger-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>The recession of the 2000s decade shows that monetary policy also has certain limitations. A <a href="/wiki/Liquidity_trap" title="Liquidity trap">liquidity trap</a> occurs when interest rate cuts are insufficient as a demand booster as banks do not want to lend and the consumers are reluctant to increase spending due to negative expectations for the economy. Government spending is responsible for creating the demand in the economy and can provide a kick-start to get the economy out of the recession. When a deep recession takes place, it is not sufficient to rely just on monetary policy to restore the economic equilibrium.<sup id="cite_ref-Pettinger_3-1" class="reference"><a href="#cite_note-Pettinger-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Each side of these two policies has its differences, therefore, combining aspects of both policies to deal with economic problems has become a solution that is now used by the US. These policies have limited effects; however, fiscal policy seems to have a greater effect over the long-run period, while monetary policy tends to have a short-run success.<sup id="cite_ref-Schmidt_4-0" class="reference"><a href="#cite_note-Schmidt-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>In 2000, a survey of 298 members of the <a href="/wiki/American_Economic_Association" title="American Economic Association">American Economic Association</a> (AEA) found that while 84 percent generally agreed with the statement "Fiscal policy has a <a href="/wiki/Stimulus_(economics)" title="Stimulus (economics)">significant stimulative impact</a> on a less than <a href="/wiki/Full_employment" title="Full employment">fully employed</a> economy", 71 percent also generally agreed with the statement "<a href="/wiki/Procyclical_and_countercyclical_variables#Economic_policy_making" title="Procyclical and countercyclical variables">Management</a> of the <a href="/wiki/Business_cycle" title="Business cycle">business cycle</a> should be left to the <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a>; <a href="/wiki/Discretionary_policy" title="Discretionary policy">activist fiscal policy</a> should be avoided."<sup id="cite_ref-Fuller_&_Geide-Stevenson_2003_5-0" class="reference"><a href="#cite_note-Fuller_&_Geide-Stevenson_2003-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> In 2011, a follow-up survey of 568 AEA members found that the previous consensus about the latter proposition had dissolved and was by then roughly evenly disputed.<sup id="cite_ref-Fuller_&_Geide-Stevenson_2011_6-0" class="reference"><a href="#cite_note-Fuller_&_Geide-Stevenson_2011-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Stances">Stances</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fiscal_policy&action=edit&section=2" title="Edit section: Stances"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Procyclical_and_countercyclical_variables#Economic_policy_making" title="Procyclical and countercyclical variables">Procyclical and countercyclical variables § Economic policy making</a></div> <p>Depending on the state of the economy, fiscal policy may reach for different objectives: its focus can be to restrict economic growth by mediating inflation or, in turn, increase economic growth by decreasing <a href="/wiki/Tax" title="Tax">taxes</a>, encouraging spending on different projects that act as stimuli to economic growth and enabling borrowing and spending. The three stances of fiscal policy are the following: </p> <ul><li><b> Neutral fiscal policy</b> is usually undertaken when an economy is in neither a <a href="/wiki/Recession" title="Recession">recession</a> nor an <a href="/wiki/Economic_expansion" title="Economic expansion">expansion</a>. The amount of government <a href="/wiki/Deficit_spending" title="Deficit spending">deficit spending</a> (the excess not financed by tax <a href="/wiki/Revenue" title="Revenue">revenue</a>) is roughly the same as it has been on average over time, so no changes to it are occurring that would have an effect on the level of <a href="/wiki/Economic_activity" class="mw-redirect" title="Economic activity">economic activity</a>.</li> <li><b>Expansionary fiscal policy</b> is used by the government when trying to balance the contraction phase in the <a href="/wiki/Business_cycle" title="Business cycle">business cycle</a>. It involves government spending exceeding tax revenue by more than it has tended to, and is usually undertaken during recessions. Examples of expansionary fiscal policy measures include increased government spending on public works (e.g., building schools) and providing the residents of the economy with tax cuts to increase their purchasing power (in order to fix a decrease in the demand).</li> <li><b>Contractionary fiscal policy</b>, on the other hand, is a measure to increase tax rates and decrease government spending. It occurs when government deficit spending is lower than usual. This has the potential to slow economic growth if inflation, which was caused by a significant increase in aggregate demand and the supply of money, is excessive. By reducing the economy's amount of aggregate income, the available amount for consumers to spend is also reduced. So, contractionary fiscal policy measures are employed when unsustainable growth takes place, leading to inflation, high prices of investment, recession and unemployment above the "healthy" level of 3%–4%.</li></ul> <p>However, these definitions can be misleading because, even with no changes in spending or tax laws at all, <a href="/wiki/Business_cycle" title="Business cycle">cyclic fluctuations of the economy</a> cause cyclic fluctuations of tax revenues and of some types of government spending, altering the deficit situation; these are not considered to be policy changes. Therefore, for purposes of the above definitions, "government spending" and "tax revenue" are normally replaced by "cyclically adjusted government spending" and "cyclically adjusted tax revenue". Thus, for example, a government budget that is balanced over the course of the business cycle is considered to represent a neutral and effective fiscal policy stance. </p> <div class="mw-heading mw-heading2"><h2 id="Methods_of_fiscal_policy_funding">Methods of fiscal policy funding</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fiscal_policy&action=edit&section=3" title="Edit section: Methods of fiscal policy funding"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Governments <a href="/wiki/Government_expenditure" class="mw-redirect" title="Government expenditure">spend money</a> on a wide variety of things, from the military and police to services such as education and health care, as well as <a href="/wiki/Transfer_payment" title="Transfer payment">transfer payments</a> such as <a href="/wiki/Welfare" class="mw-redirect" title="Welfare">welfare</a> benefits. This expenditure can be <a href="/wiki/Revenue" title="Revenue">funded</a> in a number of different ways: </p> <ul><li><a href="/wiki/Taxation" class="mw-redirect" title="Taxation">Taxation</a></li> <li><a href="/wiki/Seigniorage" title="Seigniorage">Seigniorage</a>, the benefit from printing <a href="/wiki/Money" title="Money">money</a></li> <li><a href="/wiki/Debt" title="Debt">Borrowing</a> money from the population or from abroad</li> <li>Dipping into fiscal reserves</li> <li><a href="/wiki/Sales" title="Sales">Sale</a> of <a href="/wiki/Fixed_asset" title="Fixed asset">fixed assets</a> (e.g., <a href="/wiki/Real_estate" title="Real estate">land</a>)</li> <li>Selling equity to the population</li></ul> <div class="mw-heading mw-heading3"><h3 id="Borrowing">Borrowing</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fiscal_policy&action=edit&section=4" title="Edit section: Borrowing"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A fiscal deficit is often funded by issuing <a href="/wiki/Government_bond" title="Government bond">bonds</a> such as <a href="/wiki/Treasury_bills" class="mw-redirect" title="Treasury bills">Treasury bills</a> or and <a href="/wiki/Gilt-edged_securities" title="Gilt-edged securities">gilt-edged securities</a> but can also be funded by issuing equity. Bonds pay interest, either for a fixed period or indefinitely that is funded by taxpayers as a whole. Equity offers returns on investment (interest) that can only be realized in discharging a future tax liability by an individual taxpayer. If available government revenue is insufficient to support the interest payments on bonds, a nation may <a href="/wiki/Default_(finance)" title="Default (finance)">default</a> on its debts, usually to foreign creditors. <a href="/wiki/Government_debt" title="Government debt">Public debt</a> or <a href="/wiki/Government_budget_balance" title="Government budget balance">borrowing</a> refers to the government borrowing from the public. It is impossible for a government to "default" on its equity since the total returns available to all investors (taxpayers) are limited at any point by the total current year tax liability of all investors. </p> <div class="mw-heading mw-heading3"><h3 id="Dipping_into_prior_surpluses">Dipping into prior surpluses</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fiscal_policy&action=edit&section=5" title="Edit section: Dipping into prior surpluses"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A fiscal surplus is often saved for future use, and may be invested in either local currency or any <a href="/wiki/Financial_instrument" title="Financial instrument">financial instrument</a> that may be traded later once resources are needed and the additional debt is not needed. </p> <div class="mw-heading mw-heading3"><h3 id="Fiscal_straitjacket">Fiscal straitjacket</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fiscal_policy&action=edit&section=6" title="Edit section: Fiscal straitjacket"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The concept of a fiscal straitjacket is a general economic principle that suggests strict constraints on government spending and public sector borrowing, to limit or regulate the budget deficit over a time period. Most US states have balanced budget rules that prevent them from running a deficit. The United States federal government technically has a <a href="/wiki/United_States_debt_ceiling" title="United States debt ceiling">legal cap on the total amount of money it can borrow</a>, but it is not a meaningful constraint because the cap can be raised as easily as spending can be authorized, and the cap is almost always raised before the debt gets that high. </p> <div class="mw-heading mw-heading2"><h2 id="Economic_effects">Economic effects</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fiscal_policy&action=edit&section=7" title="Edit section: Economic effects"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_citations_needed plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Fiscal_policy" title="Special:EditPage/Fiscal policy">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Fiscal+policy%22">"Fiscal policy"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Fiscal+policy%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Fiscal+policy%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Fiscal+policy%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Fiscal+policy%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Fiscal+policy%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">July 2024</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Gross_fixed_capital_formation#Economic_analysis" title="Gross fixed capital formation">Gross fixed capital formation § Economic analysis</a></div> <p>Governments use fiscal policy to influence the level of aggregate demand in the economy, so that certain economic goals can be achieved: </p> <ul><li>Price stability;</li> <li>Full employment;</li> <li>Economic growth.</li></ul> <p>The <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> view of economics suggests that increasing government spending and decreasing the rate of taxes are the best ways to have an influence on <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a>, stimulate it, while decreasing spending and increasing taxes after the economic expansion has already taken place. Additionally, Keynesians argue that expansionary fiscal policy should be used in times of <a href="/wiki/Recession" title="Recession">recession</a> or low economic activity as an essential tool for building the framework for strong economic growth and working towards <a href="/wiki/Full_employment" title="Full employment">full employment</a>. In theory, the resulting deficits would be paid for by an expanded economy during the expansion that would follow; this was the reasoning behind the <a href="/wiki/New_Deal" title="New Deal">New Deal</a>. </p> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Islm.png" class="mw-file-description"><img alt="ISLM model graph" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/03/Islm.png/217px-Islm.png" decoding="async" width="217" height="195" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/03/Islm.png/326px-Islm.png 1.5x, //upload.wikimedia.org/wikipedia/commons/0/03/Islm.png 2x" data-file-width="351" data-file-height="316" /></a><figcaption>The IS curve shifts to the right, increasing real interest rates (r) and expansion in the "real" economy (real GDP, or Y).</figcaption></figure> <p>The <a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS-LM model</a> is another way of understanding the effects of fiscal expansion. As the government increases spending, there will be a shift in the IS curve up and to the right. In the <a href="/wiki/Short-run" class="mw-redirect" title="Short-run">short run</a>, this increases the <a href="/wiki/Real_interest_rate" title="Real interest rate">real interest rate</a>, which then reduces <a href="/wiki/Private_investment_in_public_equity" title="Private investment in public equity">private investment</a> and increases aggregate demand, placing upward pressure on supply. To meet the short-run increase in aggregate demand, firms increase <a href="/wiki/Full_employment" title="Full employment">full-employment</a> output. The increase in short-run <a href="/wiki/Price_level" title="Price level">price levels</a> reduces the <a href="/wiki/Money_supply" title="Money supply">money supply</a>, which shifts the LM curve back, and thus, returning the general <a href="/wiki/Economic_equilibrium" title="Economic equilibrium">equilibrium</a> to the original full employment (FE) level. Therefore, the IS-LM model shows that there will be an overall increase in the price level and real interest rates in the <a href="/wiki/Long_run_and_short_run" title="Long run and short run">long run</a> due to fiscal expansion.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>Governments can use a <a href="/wiki/Budget_surplus" class="mw-redirect" title="Budget surplus">budget surplus</a> to do two things: </p> <ul><li>to slow the pace of strong economic growth;</li> <li>to stabilise prices when inflation is too high.</li></ul> <p>Keynesian theory posits that removing spending from the economy will reduce levels of aggregate demand and contract the economy, thus stabilizing prices. </p><p>But <a href="/wiki/Economist" title="Economist">economists</a> still debate the effectiveness of <a href="/wiki/Fiscal_stimulus" class="mw-redirect" title="Fiscal stimulus">fiscal stimulus</a>. The argument mostly centers on <a href="/wiki/Crowding_out_(economics)" title="Crowding out (economics)">crowding out</a>: whether government borrowing leads to higher <a href="/wiki/Interest_rate" title="Interest rate">interest rates</a> that may offset the stimulative impact of spending. When the government runs a budget deficit, funds will need to come from public borrowing (the issue of government bonds), overseas borrowing, or <a href="/wiki/Monetizing_debt" class="mw-redirect" title="Monetizing debt">monetizing</a> the debt. When governments fund a deficit with the issuing of government bonds, interest rates can increase across the market, because government borrowing creates higher demand for credit in the financial markets. This decreases aggregate demand for goods and services, either partially or entirely offsetting the direct expansionary impact of the deficit spending, thus diminishing or eliminating the achievement of the objective of a fiscal stimulus. <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> economists generally emphasize crowding out while Keynesians argue that fiscal policy can still be effective, especially in a <a href="/wiki/Liquidity_trap" title="Liquidity trap">liquidity trap</a> where, they argue, crowding out is minimal.<sup id="cite_ref-Cliff_Notes,_Economic_Effecs_of_Fiscal_Policy_8-0" class="reference"><a href="#cite_note-Cliff_Notes,_Economic_Effecs_of_Fiscal_Policy-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>In the <a href="/wiki/Classical_economics" title="Classical economics">classical</a> view, expansionary fiscal policy also decreases net exports, which has a mitigating effect on national output and income. When government borrowing increases interest rates it attracts foreign capital from foreign investors. This is because, all other things being equal, the <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a> issued from a country executing expansionary fiscal policy now offer a higher rate of return. In other words, companies wanting to finance projects must compete with their government for capital so they offer higher rates of return. To purchase bonds originating from a certain country, foreign investors must obtain that country's currency. Therefore, when foreign <a href="/wiki/Capital_flows" class="mw-redirect" title="Capital flows">capital flows</a> into the country undergoing fiscal expansion, demand for that country's <a href="/wiki/Currency" title="Currency">currency</a> increases. The increased demand, in turn, causes the currency to appreciate, reducing the cost of imports and making exports from that country more expensive to foreigners. Consequently, <a href="/wiki/Export" title="Export">exports</a> decrease and <a href="/wiki/Import" title="Import">imports</a> increase, reducing demand from <a href="/wiki/Net_export" class="mw-redirect" title="Net export">net exports</a>. </p><p>Some economists oppose the <a href="/wiki/Discretionary_policy" title="Discretionary policy">discretionary</a> use of fiscal stimulus because of the <a href="/wiki/Inside_lag" title="Inside lag">inside lag</a> (the time lag involved in implementing it), which is almost inevitably long because of the substantial legislative effort involved. Further, the <a href="/wiki/Outside_lag" title="Outside lag">outside lag</a> between the time of implementation and the time that most of the effects of the stimulus are felt could mean that the stimulus hits an already-recovering economy and <a href="/wiki/Overheating_(economics)" title="Overheating (economics)">overheats</a> the ensuing <a href="/wiki/Economic_expansion" title="Economic expansion">h</a> rather than stimulating the economy when it needs it. </p><p>Some economists are concerned about potential inflationary effects driven by increased demand engendered by a fiscal stimulus. In theory, fiscal stimulus does not cause inflation when it uses resources that would have otherwise been idle. For instance, if a fiscal stimulus employs a worker who otherwise would have been <a href="/wiki/Unemployment" title="Unemployment">unemployed</a>, there is no inflationary effect; however, if the stimulus employs a worker who otherwise would have had a job, the stimulus is increasing <a href="/wiki/Labor_demand" title="Labor demand">labor demand</a> while <a href="/wiki/Labour_supply" title="Labour supply">labor supply</a> remains fixed, leading to <a href="/wiki/Wage_inflation" class="mw-redirect" title="Wage inflation">wage inflation</a> and therefore <a href="/wiki/Price_Inflation" class="mw-redirect" title="Price Inflation">price inflation</a>. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fiscal_policy&action=edit&section=8" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Fiscal_Observatory_of_Latin_America_and_the_Caribbean" title="Fiscal Observatory of Latin America and the Caribbean">Fiscal Observatory of Latin America and the Caribbean</a></li> <li><a href="/wiki/Fiscal_policy_of_the_United_States" title="Fiscal policy of the United States">Fiscal policy of the United States</a></li> <li><a href="/wiki/Fiscal_union" title="Fiscal union">Fiscal union</a></li> <li><a href="/wiki/Functional_finance" title="Functional finance">Functional finance</a></li> <li><a href="/w/index.php?title=Interaction_between_monetary_and_fiscal_policies&action=edit&redlink=1" class="new" title="Interaction between monetary and fiscal policies (page does not exist)">Interaction between monetary and fiscal policies</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary policy</a></li> <li><a href="/wiki/National_fiscal_policy_response_to_the_late_2000s_recession" class="mw-redirect" title="National fiscal policy response to the late 2000s recession">National fiscal policy response to the late 2000s recession</a></li> <li><a href="/wiki/Policy_mix" title="Policy mix">Policy mix</a></li> <li><a href="/wiki/Tax_policy" title="Tax policy">Tax policy</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fiscal_policy&action=edit&section=9" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-Kramer-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-Kramer_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFKramer" class="citation web cs1">Kramer, Leslie. <a rel="nofollow" class="external text" href="https://www.investopedia.com/insights/what-is-fiscal-policy/">"What Is Fiscal Policy?"</a>. <i>Investopedia</i>. Dotdash<span class="reference-accessdate">. Retrieved <span class="nowrap">April 26,</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Investopedia&rft.atitle=What+Is+Fiscal+Policy%3F&rft.aulast=Kramer&rft.aufirst=Leslie&rft_id=https%3A%2F%2Fwww.investopedia.com%2Finsights%2Fwhat-is-fiscal-policy%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFiscal+policy" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFO'SullivanSheffrin2003" class="citation book cs1"><a href="/wiki/Arthur_O%27Sullivan_(economist)" title="Arthur O'Sullivan (economist)">O'Sullivan, Arthur</a>; Sheffrin, Steven M. (2003). <i>Economics: Principles in Action</i>. Upper Saddle River, New Jersey: Pearson Prentice Hall. p. 387. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-13-063085-8" title="Special:BookSources/978-0-13-063085-8"><bdi>978-0-13-063085-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economics%3A+Principles+in+Action&rft.place=Upper+Saddle+River%2C+New+Jersey&rft.pages=387&rft.pub=Pearson+Prentice+Hall&rft.date=2003&rft.isbn=978-0-13-063085-8&rft.aulast=O%27Sullivan&rft.aufirst=Arthur&rft.au=Sheffrin%2C+Steven+M.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFiscal+policy" class="Z3988"></span></span> </li> <li id="cite_note-Pettinger-3"><span class="mw-cite-backlink">^ <a href="#cite_ref-Pettinger_3-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Pettinger_3-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPettinger" class="citation web cs1">Pettinger, Tejvan. <a rel="nofollow" class="external text" href="https://www.economicshelp.org/blog/1850/economics/difference-between-monetary-and-fiscal-policy/">"Difference between monetary and fiscal policy"</a>. <i>Economics.Help.org</i>. Economics.Help.org<span class="reference-accessdate">. Retrieved <span class="nowrap">April 26,</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Economics.Help.org&rft.atitle=Difference+between+monetary+and+fiscal+policy&rft.aulast=Pettinger&rft.aufirst=Tejvan&rft_id=https%3A%2F%2Fwww.economicshelp.org%2Fblog%2F1850%2Feconomics%2Fdifference-between-monetary-and-fiscal-policy%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFiscal+policy" class="Z3988"></span></span> </li> <li id="cite_note-Schmidt-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-Schmidt_4-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSchmidt" class="citation web cs1">Schmidt, Michael. <a rel="nofollow" class="external text" href="https://www.investopedia.com/articles/economics/12/fiscal-or-monetary-policy.asp">"A Look at Fiscal and Monetary Policy"</a>. <i>Invetopedia</i>. Dotdash<span class="reference-accessdate">. Retrieved <span class="nowrap">April 26,</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Invetopedia&rft.atitle=A+Look+at+Fiscal+and+Monetary+Policy&rft.aulast=Schmidt&rft.aufirst=Michael&rft_id=https%3A%2F%2Fwww.investopedia.com%2Farticles%2Feconomics%2F12%2Ffiscal-or-monetary-policy.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFiscal+policy" class="Z3988"></span></span> </li> <li id="cite_note-Fuller_&_Geide-Stevenson_2003-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-Fuller_&_Geide-Stevenson_2003_5-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFullerGeide-Stevenson2003" class="citation journal cs1">Fuller, Dan; Geide-Stevenson, Doris (Fall 2003). "Consensus Among Economists: Revisited". <i><a href="/wiki/Journal_of_Economic_Education" title="Journal of Economic Education">The Journal of Economic Education</a></i>. <b>34</b> (4): 369–387. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F00220480309595230">10.1080/00220480309595230</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/30042564">30042564</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:143617926">143617926</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Journal+of+Economic+Education&rft.atitle=Consensus+Among+Economists%3A+Revisited&rft.ssn=fall&rft.volume=34&rft.issue=4&rft.pages=369-387&rft.date=2003&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A143617926%23id-name%3DS2CID&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F30042564%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.1080%2F00220480309595230&rft.aulast=Fuller&rft.aufirst=Dan&rft.au=Geide-Stevenson%2C+Doris&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFiscal+policy" class="Z3988"></span></span> </li> <li id="cite_note-Fuller_&_Geide-Stevenson_2011-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-Fuller_&_Geide-Stevenson_2011_6-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFullerGeide-Stevenson2014" class="citation journal cs1">Fuller, Dan; Geide-Stevenson, Doris (2014). <a rel="nofollow" class="external text" href="https://www.researchgate.net/publication/261884738">"Consensus Among Economists – An Update"</a>. <i><a href="/wiki/Journal_of_Economic_Education" title="Journal of Economic Education">The Journal of Economic Education</a></i>. <b>45</b> (2). <a href="/wiki/Taylor_%26_Francis" title="Taylor & Francis">Taylor & Francis</a>: 131–146. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F00220485.2014.889963">10.1080/00220485.2014.889963</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:143794347">143794347</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Journal+of+Economic+Education&rft.atitle=Consensus+Among+Economists+%E2%80%93+An+Update&rft.volume=45&rft.issue=2&rft.pages=131-146&rft.date=2014&rft_id=info%3Adoi%2F10.1080%2F00220485.2014.889963&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A143794347%23id-name%3DS2CID&rft.aulast=Fuller&rft.aufirst=Dan&rft.au=Geide-Stevenson%2C+Doris&rft_id=https%3A%2F%2Fwww.researchgate.net%2Fpublication%2F261884738&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFiscal+policy" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAcemogluDavid_I._LaibsonJohn_A._List2018" class="citation book cs1">Acemoglu, Daron; David I. Laibson; John A. List (2018). <i>Macroeconomics</i> (Second ed.). New York: Pearson. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-13-449205-6" title="Special:BookSources/978-0-13-449205-6"><bdi>978-0-13-449205-6</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/956396690">956396690</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Macroeconomics&rft.place=New+York&rft.edition=Second&rft.pub=Pearson&rft.date=2018&rft_id=info%3Aoclcnum%2F956396690&rft.isbn=978-0-13-449205-6&rft.aulast=Acemoglu&rft.aufirst=Daron&rft.au=David+I.+Laibson&rft.au=John+A.+List&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFiscal+policy" class="Z3988"></span></span> </li> <li id="cite_note-Cliff_Notes,_Economic_Effecs_of_Fiscal_Policy-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-Cliff_Notes,_Economic_Effecs_of_Fiscal_Policy_8-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://archive.today/20130410171108/http://m.cliffsnotes.com/study_guide/Fiscal-Policy.topicArticleId-9789,articleId-9749.html">"Cliff Notes, Economic Effecs of Fiscal Policy"</a>. Archived from <a rel="nofollow" class="external text" href="https://m.cliffsnotes.com/study_guide/Fiscal-Policy.topicArticleId-9789,articleId-9749.html">the original</a> on April 10, 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">March 20,</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Cliff+Notes%2C+Economic+Effecs+of+Fiscal+Policy&rft_id=http%3A%2F%2Fm.cliffsnotes.com%2Fstudy_guide%2FFiscal-Policy.topicArticleId-9789%2CarticleId-9749.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFiscal+policy" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Bibliography">Bibliography</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fiscal_policy&action=edit&section=10" title="Edit section: Bibliography"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Simonsen, M.H. The Econometrics and The State Brasilia University Editor, 1960–1964.</li> <li>Heyne, P. T., Boettke, P. J., Prychitko, D. L. (2002). The Economic Way of Thinking (10th ed). Prentice Hall.</li> <li>Larch, M. and J. Nogueira Martins (2009). Fiscal Policy Making in the European Union: An Assessment of Current Practice and Challenges. Routledge.</li> <li><a href="https://ru.wikipedia.org/wiki/%D0%A5%D0%B0%D0%BD%D1%81%D0%B5%D0%BD,_%D0%91%D0%B5%D0%BD%D1%82" class="extiw" title="ru:Хансен, Бент">Hansen, Bent</a> (2003). The Economic Theory of Fiscal Policy, Volume 3. Routledge.</li> <li>Anderson, J. E. (2005). <a rel="nofollow" class="external text" href="http://deepblue.lib.umich.edu/bitstream/handle/2027.42/40186/wp800.pdf?sequence=3&isAllowed=y">Fiscal Reform and its Firm-Level Effects in Eastern Europe and Central Asia</a>, Working Papers Series wp800, William Davidson Institute at the University of Michigan.</li> <li>D. Harries. Roger Fenton and the Crimean War</li> <li>Schmidt, M (2018). "A Look at Fiscal and Monetary Policy", Dotdash</li> <li>Pettinger, T. (2017). "Difference between monetary and fiscal policy", EconomicsHelp.org</li> <li>Amadeo, K. (2018). "Fiscal Policy Types, Objectives, and Tools", Dotdash</li> <li>Kramer, L. (2019). "What Is Fiscal Policy?", Dotdash</li> <li>Macek, R; Janků, J. (2015) "The Impact of Fiscal Policy on Economic Growth Depending on Institutional Conditions"</li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fiscal_policy&action=edit&section=11" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><div class="side-box metadata side-box-right"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"> <div class="side-box-abovebelow"> <a href="/wiki/Wikipedia:The_Wikipedia_Library" title="Wikipedia:The Wikipedia Library">Library resources</a> about <br /> <b>Fiscal policy</b> <hr /></div> <div class="side-box-flex"> <div class="side-box-text plainlist"><ul><li><a class="external text" href="https://ftl.toolforge.org/cgi-bin/ftl?st=wp&su=Fiscal+policy">Resources in your library</a></li> </ul></div></div> </div> <ul><li><a rel="nofollow" class="external text" href="https://www.britannica.com/topic/fiscal-policy">Fiscal Policy topic page</a> from <a 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href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a><br />(<a href="/wiki/History_of_economic_thought" title="History of economic thought">history</a>)<br /></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/American_School_(economics)" title="American School (economics)">American (National)</a></li> <li><a href="/wiki/Ancient_economic_thought" title="Ancient economic thought">Ancient thought</a></li> <li><a href="/wiki/Anarchist_economics" class="mw-redirect" title="Anarchist economics">Anarchist</a> <ul><li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism</a></li></ul></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Economic_democracy" title="Economic democracy">Democratic</a></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> (<a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical–Keynesian synthesis</a>)</li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li></ul></li> <li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusianism</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a> <ul><li><a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-</a></li></ul></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> <ul><li><a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li> <li><a href="/wiki/Stockholm_School_(economics)" title="Stockholm School (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermo</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Economist" title="Economist">Economists</a><br /></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul></div></div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <li><a href="/wiki/Category:Economics" title="Category:Economics">Category</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li> <li><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a></li> <li><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" 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policy">Military</a></li> <li><a href="/wiki/Science_policy" title="Science policy">Science</a> <ul><li><small><a href="/wiki/Stem_cell_research_policy" title="Stem cell research policy">Stem cell</a></small></li> <li><small><a href="/wiki/Space_policy" title="Space policy">Space</a></small></li> <li><small><a href="/wiki/Technology_policy" title="Technology policy">Technology</a></small></li></ul></li> <li><a href="/wiki/Social_policy" title="Social policy">Social</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other topics</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Evidence-based_policy" title="Evidence-based policy">Evidence-based policy</a></li> <li><a href="/wiki/Public_administration" title="Public administration">Public administration</a></li> <li><a href="/wiki/Public_budgeting" title="Public budgeting">Public budgeting</a></li> 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