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- W1981832900 abstract "Christ, Blinder-Solow, Brunner-Meltzer and others have discussed the implications of deficits raising the public's stock of bonds or money. Among the major findings of this literature are that bond-financed deficits may raise income more than money-financed deficits, that the former may lead to instability, and that open market purchases ultimately lower nominal income. This paper shows that these seemingly revolutionary results (though not all of the results of this literature) follow simply from a textbook Keynesian or monetarist model. However, Blinder and Solow's conclusion that crowding-out cannot be complete is refuted." @default.
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- W1981832900 date "1984-05-01" @default.
- W1981832900 modified "2023-09-23" @default.
- W1981832900 title "The government budget constraint and standard macrotheory" @default.
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- W1981832900 doi "https://doi.org/10.1016/0304-3932(84)90038-2" @default.
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