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1、JournalofEconomicPerspectives—Volume24,Number4—Fall2010—Pages141–164ActivistFiscalPolicyAlanJ.Auerbach,WilliamG.Gale,andBenjaminH.Harrisuuringandafterthe“GreatRecession”thatbeganinDecember2007ringandafterthe“GreatRecession”thatbeganinDecember2007D((accordi
2、ngtotheBusinessCycleDatingCommitteeattheNationalBureauaccordingtotheBusinessCycleDatingCommitteeattheNationalBureauoofEconomicResearch),theU.S.federalgovernmentenactedseveralfEconomicResearch),theU.S.federalgovernmentenactedseveralrroundsofactivistfioundso
3、factivistfiscalpolicy.Thesebeganearlyintherecessionwithtemporaryscalpolicy.ThesebeganearlyintherecessionwithtemporaryttaxcutsenactedinFebruary2008,followedbyataxcreditforfiaxcutsenactedinFebruary2008,followedbyataxcreditforfirst-timehomebuyersrst-timehomeb
4、uyerseenactedinJuly2008.TheyreachedacrescendoinFebruary2009withtheAmericannactedinJuly2008.TheyreachedacrescendoinFebruary2009withtheAmericanRRecoveryandReinvestmentTaxAct(ARRA):acombinationoftaxcuts,transfersecoveryandReinvestmentTaxAct(ARRA):acombination
5、oftaxcuts,transfersttoindividualsandstates,andgovernmentpurchasesestimatedtoincreasebudgetoindividualsandstates,andgovernmentpurchasesestimatedtoincreasebudgetddefieficitsbyacumulativeamountequalto5.5percentofoneyear’sGDP.Theficitsbyacumulativeamountequalt
6、o5.5percentofoneyear’sGDP.Thefiscalscalsstimuluscontinuedthereafterwithmoretargetedmeasures,notablythetemporarytimuluscontinuedthereafterwithmoretargetedmeasures,notablythetemporary““cashforclunkers”programinsummer2009aimedatstimulatingthereplacementcashfo
7、rclunkers”programinsummer2009aimedatstimulatingthereplacementoofoldcarswithnewones,andanextensionandexpansionoftheFirst-TimeHome-foldcarswithnewones,andanextensionandexpansionoftheFirst-TimeHome-bbuyerCreditinNovember2009andJuly2010.Accompanyingthesefiuyer
8、CreditinNovember2009andJuly2010.AccompanyingthesefiscaleffortsscaleffortswweretheTroubledAssetReliefProgram,enactedinfall2008toaddressthefieretheTroubledAssetReliefProgram,enactedinfall2008toaddressthefinan-n
