[分享]DEFICITS, POLITICS AND MONEY GROWTH

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KEVIN B. GRIER HOWARD E. NEIMAN

 

Assistant Professors of Economics, George Mason University and California State University-Hayward, respectively. We would like to thank James Buchanan, Art Denzau, Larry Meyer, Mike Munger, Bob Tollison, Gordon Tullock, Tom Willett, and Phil Wiest for their constructive comments and criticisms. The suggestions of Richard Sweeney and two referees are also appreciated. Responsibility for any errors remains entirely with the authors.

ABSTRACT

We examine the linkage between Federal deficits and money growth by allowing the Fed's response to any given deficit to vary systematically according to how the deficit is generated and the Party affiliation of the current president. In equations for Ml and monetary base growth, the structural deficit is consistently significant and invariant across political changes, while the cyclical component of the deficit (or a direct measure of the business cycle) is significant only during the tenure of Democratic presidents.

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2009-3-17 22:02:00 上传

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关键词：DEFICITS Politics politic Deficit Growth AND Growth money Politics DEFICITS