The Government Budget Constraint

William J. Frazer
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William J. Frazer: University of Florida

Public Finance Review, 1978, vol. 6, issue 3, 381-387

Abstract: This paper restates the government budget constraint and addresses the issue Abstract of symmetry (asymmetry, as it turns out) between the definitions of monetary and fiscal policy, as originally advanced by Blinder and Solow. The emphasis is on the arbitrary definition of monetary policy. It suits their convenience, but renders their approach inoperative. A consideration of several analytical, operational, and definitional problems constitutes a defense of the monetarist position on the government budget constraint.

Date: 1978
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Persistent link: https://EconPapers.repec.org/RePEc:sae:pubfin:v:6:y:1978:i:3:p:381-387

DOI: 10.1177/109114217800600309

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