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"What won't happen is large-scale fiscal transfers without very strong central control," said Barysch.
All the administrations, Democratic and Republican, resisted large-scale fiscal stimulus plans.
Over all, however, Mr. Blinder contends that "the grab bag" of policy activism done during the tenures of George W. Bush and Barack Obama — including the Federal Reserve's creation of huge amounts of liquidity, and Congress's expansion of the social safety net and passage of large-scale fiscal stimulus programs — actually worked: "not perfectly, of course.
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"My view is we are still waiting for a very significant and tangible expression to implement labour market reforms, product reforms, pension system reforms which – given large scale fiscal stimulus is not available – is necessary to stimulate growth".
In all likelihood, this involves propping up bad banks until they can earn their way out of insolvency, and engaging in large scale fiscal policy to avoid a debt-deflation spiral.There is a great deal of angst coursing through the economics blogosphere over the Treasury's new bail-out plan whether it's appropriately crafted, and too small or too large.
Friedman's claim that monetary policy could have prevented the Great Depression was an attempt to refute the analysis of John Maynard Keynes, who argued that monetary policy is ineffective under depression conditions and that fiscal policy — large-scale deficit spending by the government — is needed to fight mass unemployment.
Hence, it is essential to consider large-scale technological practices and social, fiscal and political changes (Rezaei et al. 2015).
Abe has already fired two of the three arrows in his quiver: a fiscal stimulus and large-scale monetary expansion.
The large-scale shutdown of mines reduced L County's fiscal revenues by about 20%%.
Indeed, the government's zeal for large-scale projects is seemingly unaffected by the current fiscal pressures, possibly reflecting the medium-term nature of some of the schemes.
There was an obvious tension between the warning about the extent of the financial crisis, which would require large-scale spending, and the warning about the looming federal budget deficits, which would require fiscal restraint.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com