| Classical macroeconomics | Keynesian macroeconomics | Monetarism | Great Moderation consensus | |
|---|---|---|---|---|---|
1. | Is expansionary monetary policy helpful in fighting recessions? | No | Not very | Yes | Yes, except in special circumstances |
2. | Is expansionary fiscal policy effective in fighting recessions? | No | Yes | No | Yes |
3. | Can monetary and/or fiscal policy reduce unemployment in the long run? | No | Yes | No | No |
4. | Should fiscal policy be used in a discretionary way? | No | Yes | No | No, except possibly in special circumstances |
5. | Should monetary policy be used in a discretionary way? | No | Yes | No | Disputed |