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Returning to growth : policy lessons from history
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Crafts, N. F. R. (2013) Returning to growth : policy lessons from history. Fiscal Studies, Volume 34 (Number 2). pp. 255-282. doi:10.1111/j.1475-5890.2013.12005.x ISSN 0143-5671.
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Official URL: http://dx.doi.org/10.1111/j.1475-5890.2013.12005.x
Abstract
This paper considers unconventional' monetary stimulus and supply-side reform as ways to speed up UK recovery in the context of fiscal consolidation, drawing on the experience of the 1930s and 1980s. To imitate the 1930s, the inflation-targeting regime may need to be reformed to cut real interest rates, with land-use planning liberalised to crowd in' residential investment. To emulate the 1980s, supply-side reforms to improve productivity and to raise permanent income are required and possibilities in the areas of infrastructure, education and taxation are outlined. A problem common to all these options is that they are politically challenging'.
Item Type: | Journal Article | ||||
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Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HC Economic History and Conditions H Social Sciences > HJ Public Finance |
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Divisions: | Faculty of Social Sciences > Economics | ||||
Library of Congress Subject Headings (LCSH): | Fiscal policy, Economic stabilization, Supply-side economics | ||||
Journal or Publication Title: | Fiscal Studies | ||||
Publisher: | Wiley-Blackwell Publishing, Inc | ||||
ISSN: | 0143-5671 | ||||
Official Date: | June 2013 | ||||
Dates: |
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Volume: | Volume 34 | ||||
Number: | Number 2 | ||||
Page Range: | pp. 255-282 | ||||
DOI: | 10.1111/j.1475-5890.2013.12005.x | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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