@techreport{NBERw14684,
 title = "Rethinking the Role of Fiscal Policy",
 author = "Martin S. Feldstein",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "14684",
 year = "2009",
 month = "January",
 URL = "http://www.nber.org/papers/w14684",
 abstract = {As recently as two years ago there was a widespread consensus among economists that fiscal policy is not useful as a countercyclical instrument. Now governments in Washington and around the world are developing massive fiscal stimulus packages, supported by a wide range of economists in universities, governments, and businesses.

Why has this change occurred? What are the principles for designing a potentially useful fiscal stimulus? And what will happen if the current fiscal stimulus fails?},
}