- PII
- S207054760010677-1-
- DOI
- 10.18254/S207054760010677-1
- Publication type
- Article
- Status
- Published
- Authors
- Volume/ Edition
- Volume / Issue 3
- Pages
- 0
- Abstract
The influence of the American fiscal stimulus programs on the US economy' overcoming of 2007-2009 crisis is analyzed. The main conclusion is that this crisis fundamentally changed the state role in the economy making the active budget policy an integral part of economic policy during all phases of the economic cycle. The structure and effects of the American Recovery and Reinvestment Plan on the rates of economic growth, unemployment levels and employment are analyzed in details. The influence on US economic development of other fiscal stimulus programs and acts, authorized in 2008, 2010-2012, is also analyzed. It is underlined that in contemporary economic conditions fiscal stimulus is necessary factor of stable rates of economic growth although it created extremely acute problem of permanent budget deficits and rapidly growing federal debt.
- Keywords
- fiscal policy, economic growth, fiscal stimulus, American Recovery and Reinvestment Plan, multiplier effects, budget deficit, federal government debt
- Date of publication
- 31.10.2015
- Year of publication
- 2015
- Number of purchasers
- 1
- Views
- 2950
References
- 1. Rasschitano i sostavleno po: U.S. Bureau of Economic Analysis. Interactive Data. National Data. GDP & Personal Income. Table 1.1.1. Percent Change From Preceding Period in Real Gross Domestic Product.− http://www.bea.gov/iTable/iTable.cfm?ReqID=9&step=1#reqid=9&step=3&isuri=1&904=2000&903=1&906=a&905=2008&910=x&911=0.
- 2. Rasschitano po: Ibidem.
- 3. Rasschitano po: CBO. An Update to the Budget and Economic Outlook: 2015 to 2025. August 2015. Wash.: 2015, pp.100-101.
- 4. CBO. Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output in 2014. February 2015. Wash.: 2015, p. 1.
- 5. 2015 fin.g. nachalsya 1 oktyabrya 2014 g. i zakonchilsya 30 sentyabrya 2015 g.
- 6. CBO. The Budget and Economic Outlook: 2015 to 2025. January 2015. Wash.: 2015, pp. 139, 141. − https://www.cbo.gov/publication/49892.
- 7. Ibid., p. 138.
- 8. Nakamura E. and Steinsson J. Fiscal Stimulus in a Monetary Union: Evidence from US Regions. – «The American Economic Review», March 2014, p. 768.
- 9. Parker J. On Measuring the Effects of Fiscal Policy in Recessions. NBER Working Papers Series. Working Paper 17240. July 2011. P. 1. − http://www.nber.org/papers/w17240.
- 10. Problema real'nykh znachenij mul'tiplikativnykh ehffektov Plana amerikanskogo vozrozhdeniya i reinvestitsij takzhe podrobno rassmotrena v stat'e: Vasil'ev V.S. Antikrizisnaya fiskal'naya politika SShA: problema mul'tiplikativnykh ehffektov. – «Rossiya i Amerika v XXI veke», №2, 2011 (http://www.rusus.ru/?act=read&id=278).
- 11. Rasschitano po: CBO. Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output in 2014. February 2015. Wash.: 2015, p. 2.
- 12. Rasschitano po: Ibidem.
- 13. Sostavleno na osnovanii: Seskin E. and Smith Sh. Annual Revision of the National Income and Product Accounts. Annual Estimates for 2003–2010. Quarterly Estimates for 2003:I–2011:I. – «Survey of Current Business», August 2011, p. 22; CBO. Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output in 2014. February 2015. Wash.: 2015, p. 2.
- 14. Rasschitano po: CBPP. Blinder A. and Zandi M. The Financial Crisis: Lessons for the Next One. October 15, 2015. P. 12. − http://www.cbpp.org/sites/default/files/atoms/files/10-15-15pf.pdf.
- 15. Ibid., p. 8.
- 16. Ibid., p. 12.
- 17. Ibid., p. 34.
- 18. Ibid., p. 24.
- 19. Historical Tables. Budget of the United States Government, Fiscal Year 2016. Wash.: USGPO, 2015, p. 26-27, 30. − https://www.whitehouse.gov/sites/default/files/omb/budget/fy2016/assets/hist.pdf.
- 20. Rasschitano po: Ibidem.
- 21. Ibid., p. 158.
- 22. CBO. An Update to the Budget and Economic Outlook: 2015 to 2025. August 2015. P. 74. − https://www.cbo.gov/sites/default/files/114th-congress-2015-2016/reports/50724-BudEconOutlook-3.pdf.
- 23. Ibid., pp. 74, 79.
- 24. GAO. Fiscal Outlook & Debt. Federal Budget Path Is Unsustainable over the Long Term. // http://www.gao.gov/fiscal_outlook/federal_fiscal_outlook/overview#jq_tab_4.
- 25. U.S. Department of the Treasury. The Potencial Macroeconomic Effect of Debt Ceiling Brinkmanship. October 2013. P. 6. − http://www.treasury.gov/about/organizational-structure/ig/Audit%20Reports%20and%20Testimonies/Debt%20Limit%20Response%20%28Final%20with%20Signature%29.pdf.; Treasury Notes. Watson D. There is Only One Solution to the Debt Limit. 10/16/2015. − http://www.treasury.gov/connect/blog/Pages/one-solution-debt-limit.aspx.
- 26. Lo S. and Rogoff K. Secular stagnation, debt overhang and other rationales for sluggish growth, six years on. BIS Working Papers No 482. January 2015. P. 14. − https://www.bis.org/publ/work482.pdf.
