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Initial Tests of Whether Crowd Out Can Be Offset by Increases in Loanable Funds

In: Why Fiscal Stimulus Programs Fail, Volume 2

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  • John J. Heim

    (State University of New York)

Abstract

This chapter provides the initial tests to determine if the “crowd out” effect of deficits on consumer and investment spending can be offset by increased Federal Reserve purchases of securities from banks in the open market for the purpose of increasing their loanable funds so as to provide banks with the additional liquidity necessary to offset crowd out. The tests indicate crowd out effects can be offset this way, allowing the stimulative effects of deficits to be felt.

Suggested Citation

  • John J. Heim, 2021. "Initial Tests of Whether Crowd Out Can Be Offset by Increases in Loanable Funds," Springer Books, in: Why Fiscal Stimulus Programs Fail, Volume 2, chapter 0, pages 151-161, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-64727-8_8
    DOI: 10.1007/978-3-030-64727-8_8
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