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- W2094927982 abstract "THIS STUDY FINDS that a weighted full employment budget surplus is the best measure of the aggregate demand impact of U.S. fiscal policy. By tracing the behavior of this weighted surplus for the years 1952-64, the study attempts to appraise the contribution of fiscal policy to the maintenance of GNP at full employment levels. It also tries to distinguish the different impacts that various components of the budget have upon demand, and to calculate GNP multipliers for each of these components. A simultaneous-equation empirical model was used to estimate the full employment budgetary components and their weights. There are two very controversial questions handled by the statistical model-the determination of corporate investment and the shifting of the corporate tax-and the study makes alternative assumptions, and provides alternative results, regarding these questions. The estimated aggregate demand impacts of fiscal policy were found to be quite sensitive to the underlying alternative assumptions. Even granting this uncertainty, however, there is little doubt that fiscal policy has been far from adequate during these years. It has often aggravated, rather than corrected, deviations in the private sector from the spending necessary to generate full employment. The absolute size of the GNP multipliers for the various components of the budget are also sensitive to the underlying assumptions. Naturally, these multipliers are higher when investment is taken as endogenous. With the exception of the corporate tax, however, the relative sizes of these multipliers are fairly stable. Their ranking, by GNP stimulus per dollar of the budgetary component, is as follows:" @default.
- W2094927982 created "2016-06-24" @default.
- W2094927982 creator A5030741272 @default.
- W2094927982 date "1966-03-01" @default.
- W2094927982 modified "2023-09-28" @default.
- W2094927982 title "THE FISCAL IMPACT OF THE FEDERAL BUDGET*" @default.
- W2094927982 doi "https://doi.org/10.1111/j.1540-6261.1966.tb02967.x" @default.
- W2094927982 hasPublicationYear "1966" @default.
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