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U.S. Budget Deficits and the European Economies: Resolving the Political Economy Puzzle

  • Martin Feldstein

This paper, prepared for the annual meetings of the American Economic Association, discusses how the increases in the U.S. budget deficits since 1980 have affected the economies of Western Europe. The analysis emphasizes that U.S. deficits have not only affected these economies directly but have also induced them to adopt more restrictive monetary and fiscal policies than they would otherwise have chosen. This induced shift in domestic policies is the primary reason why European governments have pressed for a reduction in the U.S. budget deficits despite the favorable impact of those deficits on European trade surpluses.

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File URL: http://www.nber.org/papers/w1790.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1790.

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Date of creation: Jan 1986
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Publication status: published as Feldstein, Martin "U.S. Budget Deficits and the European Economies: Resolving the Political Economy Puzzle." American Economic Review, Vol. 76, No. 2, (May 1986), pp. 342-346.
Handle: RePEc:nbr:nberwo:1790
Note: PE
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  1. Jeffrey Sachs, 1985. "The Dollar and the Policy Mix: 1985," NBER Working Papers 1636, National Bureau of Economic Research, Inc.
  2. Paul R. Krugman, 1985. "Is the Strong Dollar Sustainable?," NBER Working Papers 1644, National Bureau of Economic Research, Inc.
  3. Jeffrey D. Sachs, 1985. "The Dollar and the Policy Mix: 1985," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 16(1), pages 117-197.
  4. Martin Feldstein, 1983. "Inflation, Income Taxes, and the Rate of Interest: A Theoretical Analysis," NBER Chapters, in: Inflation, Tax Rules, and Capital Formation, pages 28-43 National Bureau of Economic Research, Inc.
  5. Olivier J. Blanchard & Lawrence H. Summers, 1984. "Perspectives on High World Real Interest Rates," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 15(2), pages 273-334.
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