The real structural imbalance and fiscal stance in Australia during the interwar years

By using the concept of the constant employment budget balance and changes in real public debt it is possible to determine the size of the public sector's real structural budget imbalances during the interwar period. In doing so the budget deficit of the public sector during the depression is shown to have been much larger than indicated by previous estimates of the nominal budget imbalance, and indicates that the fiscal stance of the government was expansionary during the worst year of the Great Depression rather than contractionary

Balance (ability) · Debt · Deficit spending · Depression (economics) · Economics · Economy · Fiscal policy · Government (linguistics) · Government budget · Great Depression · Interwar period · Keynesian economics · Macroeconomics · Monetary economics · Political science · Public finance · Public sector · Australian History and Society · Psychology

• Macroeconomic policy in Britain between the wars1

  Open Access•R Middleton•The Economic History Review•2011

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