IDEAS home Printed from https://ideas.repec.org/a/nas/journl/v119y2022pe2200349119.html
   My bibliography  Save this article

Three world wars: Fiscal–monetary consequences

Author

Listed:
  • George J. Hall

    (a Department of Economics, Brandeis University, Waltham, MA 02453;)

  • Thomas J. Sargent

    (b Department of Economics, New York University, New York, NY 10003)

Abstract

We detect common forces that impinged on US monetary and fiscal policies during two 20th century world wars and now during the War on COVID-19 and then compare government and market responses to these forces. The US government had to finance large wartime surges in its expenditures by taxing, borrowing, or printing money. We document and interpret consequences of the choices that the government made in these three world wars.

Suggested Citation

  • George J. Hall & Thomas J. Sargent, 2022. "Three world wars: Fiscal–monetary consequences," Proceedings of the National Academy of Sciences, Proceedings of the National Academy of Sciences, vol. 119(18), pages 2200349119-, May.
    • Handle: RePEc:nas:journl:v:119:y:2022:p:e2200349119
    as

    Download full text from publisher

    File URL: http://www.pnas.org/content/119/18/e2200349119.full
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Vasiliki Dimakopoulou & George Economides & Apostolis Philippopoulos & Vanghelis Vassilatos, 2023. "Can Central Banks Do the Unpleasant Job That Governments Should Do?," CESifo Working Paper Series 10603, CESifo.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nas:journl:v:119:y:2022:p:e2200349119. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Eric Cain (email available below). General contact details of provider: http://www.pnas.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.