Sawyer, M (2007) Fiscal policy under new Labour. Cambridge Journal of Economics, 31 (6). 885 - 900. ISSN 0309-166X
Abstract
The paper seeks to provide an evaluation of fiscal policy under the ‘new Labour’ in the decade from its election in May 1997 to date. It begin with a brief review of macroeconomic performance over that period. It outlines the main features of the approach of Labour to fiscal policy including the ‘golden rule’ of public finance, and provides a critique of that rule and the general approach to fiscal policy. It considers how far the policy rules have been observed in practice. Finally it argues that the relative macroeconomic stability since 1997 has not resulted from the fiscal policy pursued but rather that changes in the fiscal stance have fortuitously offset variations in private expenditure.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | (c) The Author 2007. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.This is a pre-copyedited, author-produced PDF of an article accepted for publication in Cambridge Journal of Economics following peer review. The version of record Sawyer, M (2007) Fiscal policy under new Labour. Cambridge Journal of Economics, 31 (6). 885 - 900 is available online at: http://dx.doi.org/10.1093/cje/bem013 |
Keywords: | fiscal policy, new Labour |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Economics Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 03 Nov 2015 11:29 |
Last Modified: | 16 Jan 2018 11:02 |
Published Version: | http://dx.doi.org/10.1093/cje/bem013 |
Status: | Published |
Publisher: | Oxford University Press, Academic Division |
Identification Number: | 10.1093/cje/bem013 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:91445 |