Drawing on the most prominent research in the field, this timely book offers bold new fiscal policies that can complement current automatic stabilizers and counter-cyclical monetary policy to help combat recessions. Dr. Seidman argues for an independent fiscal policy board or the Federal Reserve to decide changes in the magnitude of Congress's fiscal policy package of stimulus or restraint, with recommendations going into effect immediately, subject only to Congressional override.
Part I. Introduction 1. Fiscal Policy to Combat a Severe Recession 2. An Automatic Transfer (Tax Rebate) 3. An Automatic Temporary Consumption Tax Cut 4. Fiscal Discipline with NUBAR (A Normal Unemployment Balanced Budget Rule) 5. A Fiscal Policy Advisory Board Part II. 6. Recent Empirical Studies Relevant to Counter-Cyclical Fiscal Policy 7. The Tax Rebate in the 1975 Recession 8. The Tax Rebate in the 2001 Recession 9. Early Studies of Automatic Fiscal Policy Part III. 10. Early Challenges to Counter-Cyclical Fiscal Policy 11. The New Classical Counter-Revolution: A False Path for Macroeconomics 12. Fiscal Policy and the Ending of the Great Depression