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A Keynesian View of the U.S. Budget and Trade Deficits

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  • Renshaw, Edward F

Abstract

A Modigliani-Keynesian type of consumption function involving lagged GNP and a measure of disposable income (that subtracts net exports and net taxes from current GNP) is used to derive economic multipliers for the 1952-86 period which are about the same as those obtained from large scale econometric models of the U.S. economy. The resulting reduced-form equation is useful in allowing one to focus on the adjustment problems associated with large U.S. budget and trade deficits.

Suggested Citation

  • Renshaw, Edward F, 1990. "A Keynesian View of the U.S. Budget and Trade Deficits," Public Finance = Finances publiques, , vol. 45(3), pages 440-448.
    • Handle: RePEc:pfi:pubfin:v:45:y:1990:i:3:p:440-48
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