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Fiscal Policy and the External Deficit: Siblings, but not Twins

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  • John F. Helliwell

Abstract

This paper first surveys a number of partial and macroeconomic approaches to the determination of the current account, and then summarizes the evidence from multicountry economic models about the linkages between U.S. government spending and the U.S. current account during the 1 980s. The available evidence from a large number of multicountry models suggests that the U.S. fiscal policy of the first half of the 1980s was responsible for about half of the buildup in the external deficit, and that the accumulated net foreign debt is about 500 billion dollars higher than it would have been without the fiscal expansion.

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File URL: http://www.nber.org/papers/w3313.pdf
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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3313.

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Date of creation: Apr 1990
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Publication status: published as "The Fiscal Deficit and the External Deficit: Siblings But Not Twins." From The Great Fiscal Experiment, edited by Rudolph G. Penner, pp. 23-58. Washington, DC: The Urban Institute Press, 1991.
Handle: RePEc:nbr:nberwo:3313

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References

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  1. Ralph C. Bryant & John Helliwell & Peter Hooper, 1989. "Domestic and cross-border consequences of U.S. macroeconomic policies," International Finance Discussion Papers 344, Board of Governors of the Federal Reserve System (U.S.).
  2. Robert J. Barro, 1988. "The Ricardian Approach to Budget Deficits," Working Papers 728, Queen's University, Department of Economics.
  3. Barro, Robert J., 1974. "Are Government Bonds Net Wealth?," Scholarly Articles 3451399, Harvard University Department of Economics.
  4. William H. Branson & Richard C. Marston, 1989. "Price and Output Adjustment in Japanese Manufacturing," NBER Working Papers 2878, National Bureau of Economic Research, Inc.
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Cited by:
  1. Adrian W. Throop, 1991. "Fiscal policy in the Reagan years: a burden on future generations?," Economic Review, Federal Reserve Bank of San Francisco, issue Win, pages 3-23.
  2. Tatsuji Hayakawa & Paul Zak, 2002. "Debt, Death and Taxes," International Tax and Public Finance, Springer, vol. 9(2), pages 157-173, March.
  3. Norman S. Fieleke, 1990. "The United States in debt," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 34-54.

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