@article{1434932,
      author = {Heim, John J.,},
      url = {http://library.usi.edu/record/1434932},
      title = {Why fiscal stimulus programs fail., Volume 2,: Statistical  tests comparing monetary policy to growth effects /},
      abstract = {This book comprehensively and scientifically tests the  assertion that accommodative monetary policy can eliminate  the "crowd out" problem, allowing fiscal stimulus programs  (such as tax cuts or increased government spending) to  stimulate the economy as intended. The book is intended to  be the largest scale scientific test ever performed on this  topic. It includes about 800 separate statistical tests on  the U.S. economy testing different parts or all of the  period 1960 2010. These tests focus on whether  accommodative monetary policy, which increases the pool of  loanable resources, can offset the crowd out problem. The  book, employing the best scientific methods available to  economists, concludes it could have, but until the  quantitative easing program, Federal Reserve efforts to  accommodate fiscal stimulus programs were not large enough  to offset more than 23% to 44% of any one years crowd out  problem. That provides the science part of the answer as to  why accommodative monetary policy didnt accommodate: too  little of it was tried. The book also tests whether other  changes in loanable funds, occurring because of natural  changes in the economy or the savings rate can also offset  crowd out, and concludes it can. Its companion volume Why  Fiscal Stimulus Programs Fail, Volume 1: The Limits of  Accommodative Monetary Policy in Practice explores the  policy implications of these results. John J. Heim is  Visiting Professor at University of Albany-SUNY, and  retired Clinical Professor of Economics at Rensselaer  Polytechnic Institute, both in New York, USA},
      doi = {https://doi.org/10.1007/978-3-030-64727-8},
      recid = {1434932},
      pages = {1 online resource},
}