On top of this, there is little scope for fiscal policy to cushion the effects of economic shocks affecting different countries in different ways.

ECONOMIST: s for EMU | The Economist

If workers and businesses anticipate the effects of monetary and fiscal policy, they will not change their economic behavior.

FORBES: Thomas Sargent, Rational Expectations And The Keynesian Consensus

Whatever the effects of a change in Germany's fiscal policy, the political fallout is predictable.

ECONOMIST: German economic policy

On the fiscal policy side, some have argued that concerns about renewables do not take into sufficient account the distorting effects of current subsidies and tax relief granted to conventional, particularly fossil, power sources.

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Furthermore, the effects of monetary policy tend to be spread less evenly across the economy than those of fiscal policy.

ECONOMIST: Fiscal flexibility

Without the 2010 tax act, federal fiscal policy would have been restrictive this year because of the previously scheduled tax increases and the waning of the effects of ARRA (the stimulus).

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