Resumen:
The 2008 Financial crisis represented a turning point in macroeconomic theory. The clear limitations of monetary policy as a countercyclical tool brought to the forefront the resurgence of discretionary fiscal policy. This includes not only the resurgence of this policy, but also the debate regarding its effectiveness and its role in economic theory. This monograph aims to investigate the role of fiscal policy in modern macroeconomic theory and to understand why this policy was neglected in the dominant theoretical framework prior to the Financial Crisis. To this end, the monograph reviews the macroeconomic literature from the publication of the General Theory to the debate that occurred during the crisis. Finally, it conjectures whether the Financial Crisis truly represents a turning point regarding the role of fiscal policy.
