Fiscal policy in uncertain times: Nordic Economic Policy Review 2024

This edition of the Nordic Economic Policy Review consists of five papers that provide a rich perspective on fiscal stabilisation in Nordic countries, highlighting different challenges in managing the national economies.

Of particular interest in terms of automatic stabilisers and fiscal stabilisation is the potential time and state-dependency of fiscal multipliers. The papers also discuss the key lessons for fiscal policy from the Global Financial Crisis, the COVID-19 pandemic and the Russian invasion of Ukraine. One topical issue relates to spending limits used and their potential effects on, in particular, constraining the efficacy of fiscal stabilisation, as well as their role in explaining any observed differences in the fiscal multipliers across spending items and tax instruments.