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Do Loanable Funds Modify the Crowd Out Effects of the One-Variable Deficit (T − G)?

In: Why Fiscal Stimulus Programs Fail, Volume 2

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  • John J. Heim

    (State University of New York)

Abstract

This chapter test the crowd out effects of deficits, measured as one variable (T − G), on consumption and investment. Effects in 18 different time periods are tested. Differences in results using one and two variable formulations of the loanable funds effect are compared. The findings almost invariably indicate that increases in loanable funds can be shown to historically have offset crowd out effects, and reaffirms that for consumption, two loanable funds variables must be included in models to fully pick up the loanable funds effects. Table 10.5 shows clearly how much more important endogenous growth in loanable funds has been in reducing crowd out than exogenous growth.

Suggested Citation

  • John J. Heim, 2021. "Do Loanable Funds Modify the Crowd Out Effects of the One-Variable Deficit (T − G)?," Springer Books, in: Why Fiscal Stimulus Programs Fail, Volume 2, chapter 0, pages 179-210, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-64727-8_10
    DOI: 10.1007/978-3-030-64727-8_10
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