National Saving and Budget Deficits

Robert Eisner

The Review of Economics and Statistics, 1994, vol. 76, issue 1, 181-86

Abstract: It has been widely argued that government budget deficits reduce national saving. Estimated relations indicate otherwise, both for the traditional or conventional, 'official' measure of national saving and a broader, more relevant measure, encompassing government and household as well as private business investment in tangible capital. Greater price-adjusted, high-employment deficits, increases in the real monetary base, and declines in real exchange rates have all been associated with more subsequent national saving. These relations, manifest in AR(1) regressions over the 1972-91, period were confirmed in vector autoregressions. Copyright 1994 by MIT Press.

Date: 1994
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