The United States‎'‎s post‎-World War II emphasis on activist fiscal policy for short‎-term economic stabilization was called into question in the 1960s‎,‎ and by the late 1980s was superseded by the view that fiscal policy should focus on long‎-run structural concerns‎.‎ For the past two decades both public policy and economic research emphasized monetary policy as a stabilization tool‎.‎ But there remain issues in American macroeconomic policy having to do with budget deficits‎,‎ present and projected‎,‎ as well as a recent revival of interest in fiscal policy as a stabilization tool‎.‎ Overall‎,‎ the academic pendulum is swinging back towards a renewed consideration of fiscal policy‎.‎ This volume brings together leading researchers and policy makers to assess the effectiveness and consequences of fiscal policy‎.‎ Drawing on postwar policy experience and recent economic research‎,‎ this book offers a state‎-of‎-the‎-art consideration of where fiscal policy stands today‎.‎ Contributors address both the appropriateness of fiscal policy as a tool for short‎-run macroeconomic stabilization and the longer‎-term impact of fiscal decisions and economic policy‎.‎ Topics covered include the legacy of the Reagan administration‎'‎s tax cuts‎;‎ whether public policy has encouraged such behavior as "overconsumption‎,‎" which may foster persistent budget and trade deficits‎;‎ and‎,‎ in light of recent experience‎,‎ how and when fiscal policy might be appropriate as a short‎-term stabilization tool‎.‎ ContributorsAlan J‎.‎ Auerbach‎,‎ Susanto Basu‎,‎ Olivier J‎.‎ Blanchard‎,‎ Alan S‎.‎ Blinder‎,‎ Barry P‎.‎ Bosworth‎,‎ W‎.‎ Elliott Brownlee‎,‎ William H‎.‎ Buiter‎,‎ Jonathan Coppel‎,‎ Jean‎-Philippe Cotis‎,‎ Luiz de Mello‎,‎ James S‎.‎ Duesenberry‎,‎ Douglas W‎.‎ Elmendorf‎,‎ Eric Engen‎,‎ Jeffrey A‎.‎ Frankel‎,‎ Benjamin M‎.‎ Friedman‎,‎ Richard W‎.‎ Kopcke‎,‎ Catherine L‎.‎ Mann‎,‎ Van Doorn Ooms‎,‎ Rudolph G‎.‎ Penner‎,‎ Alice M‎.‎ Rivlin‎,‎ Christopher A‎.‎ Sims‎,‎ C‎.‎ Eugene Steuerle‎,‎ Geoffrey M‎.‎B‎.‎ Tootell‎,‎ Robert K‎.‎ Triest‎,‎ Edwin M‎.‎ Truman