Activist Fiscal Policy to Stabilize Economic Activity
---- Acknowledgements -----
This paper was prepared for a conference sponsored by the Federal Reserve Bank of Kansas City on Financial Stability and Macroeconomic Policy at Jackson Hole, Wyoming, August 20-22, 2009. We thank our discussants Glenn Hubbard and Klaus Schmidt-Hebbel, conference participants, Alan Blinder, Eric Engen, Kevin Hassett, Jeff Kling, and Diane Lim Rogers for helpful comments, and Ben Harris and Ruth Levine for research assistance and helpful comments. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.