ࡱ> ,.+c  jbjbSS 11]  1,v@@@@"""@@ 9@  Looking back at the budget since World War II, it is difficult to argue that on balance discretionary fiscal policy has played any stabilizing role. The difficulty is that recessions are not expected, are not forecasted, and develop rapidly. Economic policy makers work with shaky data from one quarter or so in the past. Enacting legislation takes two or three quarters if not two to three years. Appropriated funds require two additional quarters before they are spent on any substantial scale. And by that time the need for stimulus has passed. The U.S. government lacks the knowledge to design and the institutional capacity to execute a countercyclical discretionary fiscal policy in response to any macroeconomic cycle of shorter duration than the Great Depression itself. Whether the fall in nominal monetary aggregates during the slide into the Great Depression is best seen as a mistake of monetary policy or as a shortfall in demand for money is an old and unresolvable argument: it turns on theological disputes as to the definition of a policy. However, the same shifts in opinion and sentiment that made Congress announce in 1946 that macroeconomic stabilization was the continuing responsibility and policy of the federal government have also led the post-WW II Federal Reserve to make monetary policy with an eye not just on price stability but on a whole host of other factors as well. It is impossible to believe that the United States would ever see a repeat of the 1929-1933 experience, during which the Federal Reserve largely ignored the fall in monetary aggregates because it saw money and credit as easy in the sense that credit-worthy borrowers (of whom there were very few by 1933) could still borrow at very low nominal (but high real) rates of interest. #+   6CJ jUCJ  / =!"#$%been divided substantially along economic class lines for two generations. Yet Europe avoided this trap. After World War II Western Europes mixed economies built substantial redistributional systems, but they were built on top of and not as replacements for market allocations of goods and factors. 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But these large welfare states were accompanied by financial stability, and by substantial reliance on market processes for allocation and exchange. The Post-WWII Settlement in Western Europe: NATO, Cold War, and Prosperity The Marshall Plan was followed by the Korean War. And the Korean War had important long-run consequences for U.S. relations with Europe. As a result of the Korean War, by the middle of t [4@4NormalCJOJPJQJmH <A@<Default Paragraph Font     J. Bradford DeLong@Macintosh HD:Website:TCEH:1998_Draft:fiscal policy-discretionary@U5`@GTimes New Roman5Symbol3 Arial3Times"1h*C&&*C&& !0 J. Bradford DeLongJ. Bradford DeLongs a full U.S. army was sitting in Western Germany as a deterrent. 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