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An Empirical Analysis Of The “Crowding Out” Effect Of Fiscal Policy In The United States And Canada

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  • Richard J. Cebula*

Abstract

This paper uses both single‐equation and multi‐equation systems to examine whether fiscal policy ‘crowds out’ private investment. It is found that, for both the United States and Canada, this is in fact the case. In addition, it is shown that this crowding out leads to long term inflation. In dieser Arbeit werden sowohl Ein‐ als auch Mehrgleichungssysteme verwendet, urn zu prüfen, ob durch die Fiskalpolitik private Investitionen verdrängt werden. Fur die Vereinigten Staaten and Kanada wird dieser Fall tatsächlich nachgewiesen. Zudem wird gezeigt, class dieses crowding out zu langfristiger Inflation führt. Dares cet article, l'auteur utilise à la fois des systèmes à une et plusieurs équations pour étudier dans quelle mesure la politique ‘étouffe’ l'investissement privé. II démontre que c'est en effet le cas pour les Etats‐Unis et le Canada. II montre également que cet ‘étouffement’ conduit à une inflation à long terme.

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  • Richard J. Cebula*, 1978. "An Empirical Analysis Of The “Crowding Out” Effect Of Fiscal Policy In The United States And Canada," Kyklos, Wiley Blackwell, vol. 31(3), pages 424-436, August.
    • Handle: RePEc:bla:kyklos:v:31:y:1978:i:3:p:424-436
    DOI: 10.1111/j.1467-6435.1978.tb00650.x
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    Cited by:

    1. Cebula, Richard & Clark, Jeff, 2014. "Impact of Economic Freedom, Regulatory Quality, and Taxation on the Per Capita Real Income: An Analysis for OECD Nations and Non-G8 OECD Nations," MPRA Paper 56605, University Library of Munich, Germany.
    2. Cebula, Richard J. & Clark, J.R. & Mixon, Franklin G., Jr., 2013. "The Impact of Economic Freedom on Per Capita Real GDP: A Study of OECD Nations," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 43(1).
    3. Richard J. Cebula, 2013. "Budget Deficits, Economic Freedom, and Economic Growth in OECD Nations: P2SLS Fixed-Effects Estimates, 2003–2008," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 28(Spring 20), pages 75-96.
    4. Cebula, Richard & Clark, Jeff, 2014. "Economic Freedom, Regulatory Quality, Taxation, and Living Standards," MPRA Paper 58108, University Library of Munich, Germany.
    5. Visser, H., 1990. "Crowding out and the government budget," Serie Research Memoranda 0006, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    6. Cebula, Richard & Ekstrom, Marcus, 2008. "Economic Growth, Economic Freedom, and Governance," MPRA Paper 56702, University Library of Munich, Germany.
    7. Fusheng Xie, 2022. "Research on Sustainability of Financing Mode and Demand of PPP Project—Based on Chinese PPP and Local Financing Platform Alternative Perspective," Sustainability, MDPI, vol. 14(21), pages 1-19, November.

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