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CBO: U.S. Fiscal Policy After the Financial Crisis and Recession

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U.S. Fiscal Policy After the Financial Crisis and Recession, April 2010. Presentation by CBO Director Doug Elmendorf to the International Monetary Fund Fiscal Forum, April 23, 2010

  • “Stronger automatic stabilizers probably would have reduced the output and employment losses from the financial crisis, especially because monetary policy became constrained by the zero lower bound on interest rates. Having the budget deficit and debt low enough before the crisis to allow for discretionary fiscal actions was crucial for resolving the financial crisis and mitigating the harm of the subsequent recession.”
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