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Is Endogenous Total Loanable Funds a Better Modifier Than Total Loanable Funds?

In: Why Fiscal Stimulus Programs Fail, Volume 2

Author

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  • John J. Heim

    (State University of New York)

Abstract

This chapter examines whether only endogenous growth in loanable funds is a better measure of the extent to which crowd out can be offset than total loanable funds, which includes the Federal Reserve part. For investment, only the endogenous part seemed significant from 1960–2007. Only after the start of quantitative easing in 2008 did FR securities purchases also seem to make a difference. Growth in the endogenous part seemed to have little effect on consumption, suggesting banks channel most loanable funds growth into business, not consumer, lending.

Suggested Citation

  • John J. Heim, 2021. "Is Endogenous Total Loanable Funds a Better Modifier Than Total Loanable Funds?," Springer Books, in: Why Fiscal Stimulus Programs Fail, Volume 2, chapter 0, pages 453-477, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-64727-8_20
    DOI: 10.1007/978-3-030-64727-8_20
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