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Overall Conclusions

In: Why Fiscal Stimulus Programs Fail, Volume 1

Author

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  • John J. Heim

    (State University of New York)

Abstract

This chapter provides a summary of key findings of tests undertaken in the book. The key scientific findings are than when tax cut and government spending fiscal stimulus programs are deficit financed, the positive stimulus effects are offset reductions in consumer and business ability to borrow money, which reduces their spending. The science also shows than increases in loanable funds at the same time deficits are incurred, can offset the crowd out problem, leaving fiscal stimulus programs having their originally intended positive effect. The policy analysis part of the book concludes that although accommodative monetary policy can increase loanable funds, the increase in securities purchases required by the Federal Reserve to do so was never large enough until the advent of the quantitative easing program in 2008–2009. The policy analysis part of the book also concludes it usefulness was limited due to reliance on investment banks and foreign banks rather than domestic commercial and savings banks.

Suggested Citation

  • John J. Heim, 2021. "Overall Conclusions," Springer Books, in: Why Fiscal Stimulus Programs Fail, Volume 1, chapter 0, pages 569-571, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-65675-1_30
    DOI: 10.1007/978-3-030-65675-1_30
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