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New Results in Support of the Fiscal Policy Ineffectiveness Proposition

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  • Glick, Reuven
  • Hutchison, Michael

Abstract

The authors demonstrate that previous tests of money and fiscal policy ineffectiveness are likely to be biased because they ignore interaction effects between policies. The authors' empirical analysis of U.S. experience supports the short-run ineffectiveness of anticipated and unanticipated fiscal policy, in contrast to other empirical research, but, similarly to most other studies, rejects the short-run neutrality of anticipated money. However, they find that in the longer run all policies--either anticipated or unanticipated--have had neutral effects on U.S. output growth. Copyright 1990 by Ohio State University Press.

Suggested Citation

  • Glick, Reuven & Hutchison, Michael, 1990. "New Results in Support of the Fiscal Policy Ineffectiveness Proposition," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 22(3), pages 288-304, August.
    • Handle: RePEc:mcb:jmoncb:v:22:y:1990:i:3:p:288-304
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    Cited by:

    1. Schclarek, Alfredo, 2007. "Fiscal policy and private consumption in industrial and developing countries," Journal of Macroeconomics, Elsevier, vol. 29(4), pages 912-939, December.
    2. Michael A. Conte & Ali F. Darrat, 1993. "Testing Alternative Views Of Government Budgeting," Review of Financial Economics, John Wiley & Sons, vol. 3(1), pages 19-40, September.
    3. Devadoss, Stephen, 1994. "Sluggish Price Adjustments And The Effectiveness Of Aggregate Demand Policies At The Sectoral Level," A.E. Research Series 305122, University of Idaho, Department of Agricultural Economics and Rural Sociology.
    4. Chesang, Laban K. & Naraidoo, Ruthira, 2016. "Parameter uncertainty and inflation dynamics in a model with asymmetric central bank preferences," Economic Modelling, Elsevier, vol. 56(C), pages 1-10.
    5. W D A Bryant, 2009. "General Equilibrium:Theory and Evidence," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 6875, December.
    6. Paul Oslington, 2012. "General Equilibrium: Theory and Evidence," The Economic Record, The Economic Society of Australia, vol. 88(282), pages 446-448, September.

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