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Neste trabalho procuramos criticar, numa perspectiva sraffiana, a tese de que teria havido uma bemsucedida contração fiscal expansionista nos EUA derivada do ajuste fiscal feito pelo governo Clinton a partir de 1993. Nem o ajuste fiscal reduziu diretamente os juros nem a queda dos juros aumentou diretamente o investimento produtivo. Longe de ser uma conseqüência automática do ganho de “credibilidade” obtido pelo ajuste fiscal, a recuperação e o prolongado período de crescimento foram frutos do viés expansionista da política monetária
Abstract
In this paper we try to criticize, from a Sraffian standpoint, the thesis according to which an expansionary fiscal contraction resulted from the US fiscal adjustment started in 1993 by the Clinton administration. Neither fiscal consolidation directly reduced interest rates, nor did interest rate reduction directly increase productive investment. Instead of being an automatic consequence of the “credibility” gains obtained from fiscal consolidation, the recovery and prolonged growth of the U.S. economy in the 1990s were due to the markedly expansionary bias of monetary policy.
Key words: Expansionary fiscal contraction. Sraffian supermultiplier. Monetary policy – United States
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