TY - UNPD A1 - Wieland, Volker T1 - Fiscal stimulus and the promise of future spending cuts: a comment T2 - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2009,26 N2 - Recent evaluations of the fiscal stimulus packages recently enacted in the United States and Europe such as Cogan, Cwik, Taylor and Wieland (2009) and Cwik and Wieland (2009) suggest that the GDP effects will be modest due to crowding-out of private consumption and investment. Corsetti, Meier and Mueller (2009a,b) argue that spending shocks are typically followed by consolidations with substantive spending cuts, which enhance the short-run stimulus effect. This note investigates the implications of this argument for the estimated impact of recent stimulus packages and the case for discretionary fiscal policy. T3 - CFS working paper series - 2009, 26 KW - Fiscal Multiplier KW - Fiscal Stimulus KW - Discretionary Fiscal Policy KW - New Keynesian Model KW - Crowding-out KW - Government Spending KW - Macroeconomic Modelling KW - Internationaler Kreditmarkt KW - Stabilisierung KW - Fiskalpolitik Y1 - 2009 UR - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/7292 UR - https://nbn-resolving.org/urn:nbn:de:hebis:30-72751 IS - November 2009 ER -