Is Endogenous Total Loanable Funds a Better Modifier Than Total Loanable Funds?

John Heim

Chapter Chapter 20 in Why Fiscal Stimulus Programs Fail, Volume 2, 2021, pp 453-477 from Springer

Abstract: Abstract This chapter examines whether only endogenous growth in loanable funds is a better measure of the extent to which crowd out can be offset than total loanable funds, which includes the Federal Reserve part. For investment, only the endogenous part seemed significant from 1960–2007. Only after the start of quantitative easing in 2008 did FR securities purchases also seem to make a difference. Growth in the endogenous part seemed to have little effect on consumption, suggesting banks channel most loanable funds growth into business, not consumer, lending.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-64727-8_20

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DOI: 10.1007/978-3-030-64727-8_20

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