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Contingent Keynesianism : the IMF’s model answer to the post-crash fiscal policy efficacy question in advanced economies
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Clift, Ben (2019) Contingent Keynesianism : the IMF’s model answer to the post-crash fiscal policy efficacy question in advanced economies. Review of International Political Economy, 26 (6). 1211-1237 . doi:10.1080/09692290.2019.1640126 ISSN 0969-2290.
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Official URL: https://doi.org/10.1080/09692290.2019.1640126
Abstract
Belying the IMF’s reputation as a bastion of neo-liberal policy orthodoxy, this article analyses important yet contingent transformations in IMF fiscal policy thinking which constituted a key intervention in international austerity debates. Applying only to advanced economies, and in the specific post-crash conditions, the Fund came to champion fiscal policy as a more potent and effective counter-cyclical tool. Analysis focuses on alterations to modelling assumptions and analytical techniques, beginning before the crash but accelerating after it, which intellectually bolstered this view. It finds the Fund’s rediscovery of some older (Keynesian) assumptions was both longer in germination and more enduring than some have recognised. It also charts the reconciliation of this contingent Keynesianism to ‘congenital’ IMF concerns for fiscal sustainability. It highlights the variety of economic insights, often with vastly differing policy implications, found within the Fund, and indeed within mainstream macroeconomics. It builds on work questioning the stability, consistency and coherence of economic ideas suggested by the paradigm framework, and identifies limitations of a paradigm lens for understanding incremental IMF ideational change. It contributes to politics of economic ideas scholarship in highlighting the importance of economic method and modelling assumptions as sites of contestation within gradual but meaningful ideational change.
| Item Type: | Journal Article | |||||||||
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| Subjects: | J Political Science > JA Political science (General) J Political Science > JF Political institutions (General) J Political Science > JZ International relations |
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| Divisions: | Faculty of Social Sciences > Politics and International Studies | |||||||||
| Library of Congress Subject Headings (LCSH): | Keynesian economics, Global Financial Crisis, 2008-2009, Fiscal policy -- Research, International Monetary Fund, International finance | |||||||||
| Journal or Publication Title: | Review of International Political Economy | |||||||||
| Publisher: | Routledge | |||||||||
| ISSN: | 0969-2290 | |||||||||
| Official Date: | 18 July 2019 | |||||||||
| Dates: |
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| Volume: | 26 | |||||||||
| Number: | 6 | |||||||||
| Page Range: | 1211-1237 | |||||||||
| DOI: | 10.1080/09692290.2019.1640126 | |||||||||
| Status: | Peer Reviewed | |||||||||
| Publication Status: | Published | |||||||||
| Reuse Statement (publisher, data, author rights): | “This is an Accepted Manuscript of an article published by Taylor & Francis in Review of International Political Economy on 18/07/2019, available online: http://www.tandfonline.com/10.1080/09692290.2019.1640126 | |||||||||
| Access rights to Published version: | Restricted or Subscription Access | |||||||||
| Date of first compliant deposit: | 3 July 2019 | |||||||||
| Date of first compliant Open Access: | 18 January 2021 | |||||||||
| RIOXX Funder/Project Grant: |
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