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The Government Budget Constraint

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  • William J. Frazer JR

    (University of Florida)

Abstract

This paper restates the government budget constraint and addresses the issue Abstract of symmetry (asymmetry, as it turns out) between the definitions of monetary and fiscal policy, as originally advanced by Blinder and Solow. The emphasis is on the arbitrary definition of monetary policy. It suits their convenience, but renders their approach inoperative. A consideration of several analytical, operational, and definitional problems constitutes a defense of the monetarist position on the government budget constraint.

Suggested Citation

  • William J. Frazer JR, 1978. "The Government Budget Constraint," Public Finance Review, , vol. 6(3), pages 381-387, July.
    • Handle: RePEc:sae:pubfin:v:6:y:1978:i:3:p:381-387
    DOI: 10.1177/109114217800600309
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    References listed on IDEAS

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    1. Turnovsky, Stephen J, 1975. "Monetary Policy, Fiscal Policy and the Government Budget Constraint," Australian Economic Papers, Wiley Blackwell, vol. 14(25), pages 197-215, December.
    2. Blinder, Alan S. & Solow, Robert M., 1976. "Does fiscal policy still matter? : A reply," Journal of Monetary Economics, Elsevier, vol. 2(4), pages 501-510, November.
    3. Keith M. Carlson & Roger W. Spencer, 1975. "Crowding out and its critics," Review, Federal Reserve Bank of St. Louis, vol. 57(Dec), pages 2-17.
    4. Infante, Ettore F. & Stein, Jerome L., 1976. "Does fiscal policy matter?," Journal of Monetary Economics, Elsevier, vol. 2(4), pages 473-500, November.
    5. William J. Frazer, 1978. "Evolutionary Economics, Rational Expectations, and Monetary Policy," Journal of Economic Issues, Taylor & Francis Journals, vol. 12(2), pages 343-372, June.
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