[分享]INFLATION AND GOVERNMENT DEFICITS

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GERALD P. DWYER JR.

 Emory University. I would like to thank Raymond C. Battalio, Paul Evans, Charles Piggott, Alan Wiley, the referees, and John Chant for helpful comments on an earlier draft of this paper. The Center for Education and Research in Free Enterprise at Texas A & M University provided financial support.

ABSTRACT

There is a pronounced positive correlation of inflation and government deficits in the United States since World War II. The purpose of this paper is to test the three leading explanations of this correlation. These three explanations are: (a) a deficit increases prices through a wealth effect; (b) a deficit results in the Federal Reserve purchasing debt, thus increasing the money supply and prices; and (c) expected inflation increases the deficit (which is the change in the nominal value of bonds). No support is found for either of the first two hypotheses. The results indicate that expected government deficits have no significance for future inflation.

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2009-3-18 06:25:00 上传

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关键词：GOVERNMENT inflation DEFICITS flation Deficit 分享 AND inflation GOVERNMENT DEFICITS