Business, Economics & Public Policy Seminar on Fiscal Policy by Antonio Fatás
Date: November 12, 2008
On Wednesday November 12th, The Georgetown Center hosted a panel discussion entitled, “Addressing the Global Recession: A New Role for Fiscal Policy,” which generated dialogue on the concerns about the current financial crisis.
The speakers included Dr. Antonio Fatás, International Fellow-in-Residence and Professor of European Studies and Economics at INSEAD, as well as Maya MacGuineas, President of the Committee for a Responsible Federal Budget and Director of the Fiscal Policy Program for the New America Foundation.
Dr. Fatás presented his research on the effectiveness of fiscal policy in addressing economic downturns. Along with the themes of his current research, Dr. Fatás highlighted the challenges presented by politically motivated policy decisions. The presentation then moved on to discuss the need for a degree of independence in the formulation of a nation’s fiscal policy, in light of the fact that poorly implemented fiscal policy can hurt economic growth. Dr. Fatás concluded his talk with the potential benefits that rules and policy constraints can have on economic growth.
Maya MacGuineas spoke about the psychological role of fiscal policy in reassuring markets, and agreed that one of the major hurdles of effective policy is politics. She highlighted the need for fiscal policy that is temporary, targeted and timely so that economic growth can be maximized. The two panelists discussed the potential benefits of a fiscal policy board that would have real authority to set broad, national targets for the countr
y’s economic goals.
The event included students, faculty and professionals who engaged the speakers with thoughtful questions and dialogue. Future events sponsored by the Georgetown Center for Business and Public Policy can be found at http://cbpp.georgetown.edu/newsevents/
Click here to view Professor Fatas' presentation.
The speakers included Dr. Antonio Fatás, International Fellow-in-Residence and Professor of European Studies and Economics at INSEAD, as well as Maya MacGuineas, President of the Committee for a Responsible Federal Budget and Director of the Fiscal Policy Program for the New America Foundation. Dr. Fatás presented his research on the effectiveness of fiscal policy in addressing economic downturns. Along with the themes of his current research, Dr. Fatás highlighted the challenges presented by politically motivated policy decisions. The presentation then moved on to discuss the need for a degree of independence in the formulation of a nation’s fiscal policy, in light of the fact that poorly implemented fiscal policy can hurt economic growth. Dr. Fatás concluded his talk with the potential benefits that rules and policy constraints can have on economic growth.
Maya MacGuineas spoke about the psychological role of fiscal policy in reassuring markets, and agreed that one of the major hurdles of effective policy is politics. She highlighted the need for fiscal policy that is temporary, targeted and timely so that economic growth can be maximized. The two panelists discussed the potential benefits of a fiscal policy board that would have real authority to set broad, national targets for the countr
y’s economic goals. The event included students, faculty and professionals who engaged the speakers with thoughtful questions and dialogue. Future events sponsored by the Georgetown Center for Business and Public Policy can be found at http://cbpp.georgetown.edu/newsevents/
Click here to view Professor Fatas' presentation.
