Många förespråkar stora statliga utgiftsökningar, i tron att dessa kan stimulera ekonomin. Professor Paul Krugman är den kanske starkaste förespråkaren av stimulanspaket:

If governments had raised taxes or slashed spending in the face of the slump, if they had refused to rescue distressed financial institutions, we could all too easily have seen a full replay of the Great Depression. As I said, deficits saved the world. In fact, we would be better off if governments were willing to run even larger deficits over the next year or two.

En ny analys ger dock skäl att tvivla på Krugmans tro på de mirakulösa effekterna av ofinansierade storsatsningar. Professor Volker Wieland rapporterar om nya forskningsresultat:

Our analysis suggests government spending quickly crowds out private consumption and investment, because forward-looking households and firms will consider eventual increases in future taxes, government debt, and interest rates. … Once you allow for a significant role of forward-looking behaviour by households and firms, there is no multiplier. The expectation of future tax increases, or rising government debt and future interest rate increases leads to a reduction in private consumption and investment spending. … In light of these findings, European policy makers ought to ignore calls for further stimulus packages.

Som alla trosvissa dogmer måste det keynesianska evangeliet granskas kritiskt.

Se även John Cochranes kommentar till Paul Krugmans budskap, Greg Mankiws inlägg ”Accountability?” samt de tidigare inläggen ”Mer stimulans? Eller mindre?”, ”Sverige för en expansiv politik” och ”Är budgetunderskott oproblematiska?”.