Do Loanable Funds Modify the Crowd Out Effects of the Two-Variable Deficit (T), (G)?

John Heim

Chapter Chapter 11 in Why Fiscal Stimulus Programs Fail, Volume 2, 2021, pp 211-281 from Springer

Abstract: Abstract This chapter performs the same tests on the same 18 time periods as Chapter 10 , but uses separate variables (T) and (G) to measure the effects of tax cut and spending increase deficits. Results generally indicate that both types of deficits lead to crowd out, but spending deficits more so, since part of tax cuts typically is saved, offsetting crowd out. The difficulty of getting good estimates of crowd out effects when using sample periods that mix crowd out and crowd in periods is examined. Difficulties getting good estimates in periods in which one or the other of the deficit variables does not move much are also discussed.

Date: 2021
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DOI: 10.1007/978-3-030-64727-8_11

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