di Giacomo Saibene
The debate between the so-called Keynesian and anti-Keynesians is still looking for a definitive resolution. On the one hand, Keynesians such as Krugman  and Stiglitz  argue for further fiscal stimulus. On the other, anti-Keynesians such as Taylor  and Greenspan  argue for a reduction in governments’ spending and a rebalancing of their fiscal position. Institutions are also involved in the debate: some, such as the International Monetary Fund  and the Federal Reserve , argue that this is not the right time to cut governments’ deficits, since recovery is still far from being strong, and that fiscal consolidation should be pursued only later in the future; others, such as the Bank for International Settlement  and partly the European Central Bank  and , appear to be more worried about governments’ deficits and thus call for immediate fiscal tightening.