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An introduction to the international implications of U.S. fiscal policy

  • Owen F. Humpage

A challenge to the commonly held belief that aggregate U.S. fiscal policy measures, especially the federal budget deficit, bear a simple and direct causal relationship with U.S. interest rates, exchange rates, and the trade balance, concluding that fiscal policies can--but need not--cause trade deficits.

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File URL: http://www.clevelandfed.org/Research/Review/1992/92-q3-humpage.pdf
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Article provided by Federal Reserve Bank of Cleveland in its journal Economic Review.

Volume (Year): (1992)
Issue (Month): Q III ()
Pages: 27-39

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Handle: RePEc:fip:fedcer:y:1992:i:qiii:p:27-39:n:v.28no.3
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  1. James G. MacKinnon, 2010. "Critical Values for Cointegration Tests," Working Papers 1227, Queen's University, Department of Economics.
  2. B. Douglas Bernheim, 1988. "Budget Deficits and the Balance of Trade," NBER Chapters, in: Tax Policy and the Economy: Volume 2, pages 1-32 National Bureau of Economic Research, Inc.
  3. Rosenswieg, Jeffrey A & Tallman, Ellis W, 1993. "Fiscal Policy and Trade Adjustment: Are the Deficits Really Twins?," Economic Inquiry, Western Economic Association International, vol. 31(4), pages 580-94, October.
  4. Evan F. Koenig, 1989. "Recent trade and exchange rate movements: possible explanations," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Sep, pages 13-28.
  5. Michael M. Hutchison & Adrian W. Throop, 1985. "U.S. budget deficits and the real value of the dollar," Economic Review, Federal Reserve Bank of San Francisco, issue Fall, pages 26-43.
  6. Evans, Paul, 1985. "Do Large Deficits Produce High Interest Rates?," American Economic Review, American Economic Association, vol. 75(1), pages 68-87, March.
  7. Michael Hutchison & Charles Pigott, 1984. "Budget deficits, exchange rates and the current account: theory and U. S. evidence," Economic Review, Federal Reserve Bank of San Francisco, issue Fall, pages 5-25.
  8. John K. Hill, 1989. "Demographics and the trade balance," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Sep, pages 1-11.
  9. Adrian W. Throop, 1989. "Fiscal policy, the dollar, and international trade: a synthesis of two views," Economic Review, Federal Reserve Bank of San Francisco, issue Sum, pages 27-44.
  10. Hoelscher, Gregory, 1986. "New Evidence on Deficits and Interest Rates," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 18(1), pages 1-17, February.
  11. Enders, Walter & Lee, Bong-Soo, 1990. "Current Account and Budget Deficits: Twins or Distant Cousins?," The Review of Economics and Statistics, MIT Press, vol. 72(3), pages 373-81, August.
  12. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
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