Richard J. Cebula
Abstract
SUMMARY 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.
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SUMMARY 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.
Key concepts: Crowds, Crowding out, Economics, Inflation (cosmology), Fiscal policy, Macroeconomics, Investment (military), Term (time)