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Government Deficits and Aggregate Demand

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  • Martin Feldstein

Abstract

The evidence presented in this paper indicates that changes in government spending, transfers and taxes can have substantial effects on aggregate demand. The estimates also indicate that the promise of future social security benefits significantly reduces private saving. Each of the basic implications of the so-called "Ricardian equivalence theorem" is contradicted by the data. The results are consistent with the more general view of the effects of fiscal actions and fiscal expectations that is described in the paper.

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File URL: http://www.nber.org/papers/w0435.pdf
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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0435.

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Date of creation: Jan 1980
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Publication status: published as Feldstein, Martin. "Government Deficits and Aggregate Demand." Journal of Monetary Economics, Vol. 9, No. 1, (January 1982), pp. 1-20.
Handle: RePEc:nbr:nberwo:0435

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  1. Boskin, Michael J, 1978. "Taxation, Saving, and the Rate of Interest," Journal of Political Economy, University of Chicago Press, vol. 86(2), pages S3-27, April.
  2. Willem H. Buiter & James Tobin, 1978. "Debt Neutrality: A Brief Review of Doctrine and Evidence," Cowles Foundation Discussion Papers 497, Cowles Foundation for Research in Economics, Yale University.
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