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Effectiveness of Alternative Fiscal Responses to the Recent Global Recession

There is no consensus among economist as to why estimates of fiscal multipliers are less reliable guides to the effectiveness of alternative fiscal responses to the recent global recession. At the onset, Baldwin (2009) asserts that there is yet no solution to stop the global economic crises. However, everyone agrees that fiscal stimulus plays a key role in reducing the length and depth of the recession. Unfortunately, the lack of clarity on fiscal policy made it quite uneasy for economist to make accurate estimates (Baldwin). Baldwin noted that while other nation such as the United States, the U. K. and Japan have urgently responded by committing to fiscal stimulus, others such as Germany however do not see its urgency. This…