| Classical macroeconomics | Keynesian macroeconomics | Monetarism | Modern consensus |
| Is expansionary monetary policy helpful in fighting recessions? | No | Not very | Yes | Yes, except in special circumstances |
| Is expansionary fiscal policy effective in fighting recessions? | No | Yes | No | Yes |
| Can monetary and/or fiscal policy reduce unemployment in the long run? | No | Yes | No | No |
| Should fiscal policy be used in a discretionary way? | No | Yes | No | No, except in special circumstances |
| Should monetary policy be used in a discretionary way? | No | Yes | No | Still in dispute |