John J. Heim

Crowding Out Fiscal Stimulus

Testing the Effectiveness of US Government Stimulus Programs

• Gebundenes Buch

Produktbeschreibung

This book presents overwhelming evidence that US government stimulus programs over the past fifty years have not worked. Using the best and most modern econometric testing models, it applies 228 separate hard science tests to examine the effects of different stimulus models that should, in theory, have shown positive results. By testing every possible alternative interpretation, starting with one time period and then retesting in three additional time periods, this definitive study finds that even when favoring pro-stimulus Keynesian models, public financing through government tax cuts and spending increase programs is more likely to drive down - or "crowd out" - as much private sector spending as it stimulates in the public sector.

Produktdetails

• Verlag: Palgrave Macmillan / Springer International Publishing / Springer, Berlin
• Artikelnr. des Verlages: 978-3-319-45966-0
• 1st ed. 2017
• Seitenzahl: 296
• Erscheinungstermin: 19. Dezember 2016
• Englisch
• Abmessung: 216mm x 153mm x 21mm
• Gewicht: 475g
• ISBN-13: 9783319459660
• ISBN-10: 331945966X
• Artikelnr.: 45538691

Autorenporträt

John J. Heim is Visiting Professor at University of Albany-SUNY, and retired Clinical Professor of Economics at Rensselaer Polytechnic Institute, both in New York, USA.

Inhaltsangabe

1. Introduction.- 2. Theory of Crowd Out.- 3. Literature Review.- 4. Methodology.- 5. Test Results: Consumer Spending and Borrowing Models (1 Variable Deficit).- 6. Test Results: Investment Spending and Borrowing Models (1 Variable Deficit).- 7. Test Results: Consumer Spending and Borrowing Models (2 Variable Deficit).- 8. Test Results: Investment Spending and Borrowing Models (2 Variable Deficit).- 9. Are Findings of 1 and 2 Variable Consumer and Investment Deficit Models Consistent?.- 10. Effects of Stimulus Programs on GDP, Net of Crowd Out Effects.- 11. Dynamic Effects.- 12. Alternatives to Financing Stimulus Programs with Domestic Borrowing.- 13. A Note on the Disposable Income Variable in the Consumption Models.- 14. Do Crowd Out Effects Differ in Recessions and Nonrecession Periods?.- 15. Does the Gale/Orszag Hypothesis Explain Tax and Spending Effects Better in Recession than Nonrecession Periods?.- 16. Summary of Findings and Conclusions.