[分享]Deficits and money growth in the United States

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Douglas H. Joines

University of Southern California, Los Angeles, CA 90089-1421, USA

Abstract

This paper reports empirical evidence on the relation between government budget deficits and the growth of high-powered money in the United States. High-powered money growth appears to be positively related to war spending during periods when such spending is a substantial fraction of GNP. There is little evidence that the growth of high-powered money is related to the non-war government deficit, measured either in cash or in real terms, after controlling for the level of overall economic activity.

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2009-3-16 23:09:00 上传

[分享]Deficits and money growth in the United States
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关键词：DEFICITS Deficit States Growth United Growth money States United DEFICITS