Fiscal year 31 December. The 2001 tax year was nine months, from April to December. In Israel, the fiscal year is the calendar year, 1 January to 31 December. In Italy, the fiscal year is the calendar year, 1 January to 31 December. It was changed in 1965, before which it was 1 July to 30 June. In Japan, the government's financial year is from 1 April to 31 March. The fiscal year is represented by the calendar year in which the period begins, followed by the word "nendo" (年度); for example the fiscal year from 1 April to 31 March is
Fiscal policy a lower aggregate demand for goods and services, contrary to the objective of a fiscal stimulus. Neoclassical economists generally emphasize crowding out while Keynesians argue that fiscal policy can still be effective especially in a liquidity trap where, they argue, crowding out is minimal. Some classical and neoclassical economists argue that crowding out completely negates any fiscal stimulus; this is known as the Treasury View, which Keynesian economics rejects. The Treasury View refers to the theoretical positions of classical economists in the British Treasury, who opposed Keynes' call in the 1930s for fiscal stimulus. The same general argument has been