Rola aktywnej polityki fiskalnej w gospodarce dotkniętej „pułapką płynności”
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The objective of the paper is to discuss the role of discretionary fiscal policy in a low interest
rate economies. The first section presents some common arguments against the discretionary fiscal
policy. They rest on two basic macroeconomic models: the Diamond-Samuelson overlapping
generation model and the Barro-Ramsey model of infinitely-lived families. The next part of the
paper points at some limits connected with the use o f monetary policy as the alternative for fiscal
policy. Finally, the paper analyses the case of Japan’s slump in the nineties as an example of the
Keynesian liquidity trap. The main conclusion is that in the low (near zero) interest rate environment
when the monetary policy does not work as a stabilization tool, there is an important role for
the discretionary fiscal policy.
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