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001434932 001__ 1434932
001434932 003__ OCoLC
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001434932 019__ $$a1243541438
001434932 020__ $$a9783030647278$$q(electronic bk.)
001434932 020__ $$a3030647277$$q(electronic bk.)
001434932 020__ $$z3030647269
001434932 020__ $$z9783030647261
001434932 0247_ $$a10.1007/978-3-030-64727-8$$2doi
001434932 035__ $$aSP(OCoLC)1242027259
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001434932 043__ $$an-us---
001434932 049__ $$aISEA
001434932 050_4 $$aHJ241
001434932 08204 $$a336.390973$$223
001434932 1001_ $$aHeim, John J.,$$eauthor.
001434932 24510 $$aWhy fiscal stimulus programs fail.$$nVolume 2,$$pStatistical tests comparing monetary policy to growth effects /$$cJohn J. Heim.
001434932 24630 $$aStatistical tests comparing monetary policy to growth effects
001434932 264_1 $$aCham :$$bPalgrave Macmillan,$$c[2021]
001434932 300__ $$a1 online resource
001434932 336__ $$atext$$btxt$$2rdacontent
001434932 337__ $$acomputer$$bc$$2rdamedia
001434932 338__ $$aonline resource$$bcr$$2rdacarrier
001434932 504__ $$aIncludes bibliographical references and index.
001434932 5050_ $$aIntro -- Preface -- Contents -- List of Figures -- List of Tables -- Part I Introductory Chapters -- 1 Introduction -- 1.1 The Crowd Out Problem and Accommodative Monetary Policy -- 1.2 Individual Chapter Contents and Findings -- 1.2.1 Estimating Crowd Out's Actual Effects -- 1.2.2 Total Loanable Funds as a Crowd Out Modifier -- 1.2.3 Exogenous Loanable Funds Modifiers (FR Securities Purchases) -- 1.2.4 Endogenous Loanable Funds Modifiers -- 1.2.5 Summary Chapters -- 1.3 Summary of Key Findings -- References -- 2 Literature Review -- 2.1 Summary of Findings -- 2.1.1 Stocks and Bonds
001434932 5058_ $$a2.1.2 GDP -- 2.1.3 Inequality -- 2.2 Detailed Findings -- 2.2.1 Assessment of Monetary Policy Effectiveness in the Business Press -- 2.2.1.1 Stock Market Effects -- 2.2.1.2 Bond Market Effects -- Interest Rate Effects -- 2.2.1.3 GDP Effects -- 2.2.1.4 Inequality Effects -- 2.2.2 Assessment of Monetary Policy in the Academic/Professional Literature -- 2.2.2.1 Stock Market Effects -- 2.2.2.2 Bond Market Effects -- Interest Rate Effects -- 2.2.2.3 GDP Effects -- 2.2.2.4 Effects on Inequality -- 2.2.3 Comparisons of Findings of the Professional and Business Press
001434932 5058_ $$a2.3 A Comparison of Cowles, DSGE, and VAR Methodologies Used in Literature Review -- References -- 3 Methodology -- 3.1 General Methodological Issues -- 3.1.1 The Importance of Replicating Results Before Publication -- 3.2 Other Methodological Issues Specific to This Study -- 3.3 GDP Deflator Methodological Adjustments -- 3.4 Reconciling Differences in Signs, Significance Levels of Tests in Different Time Periods -- 3.4.1 Mixing Periods of Budget Deficit (Crowd Out) Increase and Decrease -- 3.4.2 Statistical Insignificance Caused by Lack of Variation in the Data -- 3.4.3 Left-Out Variables
001434932 5058_ $$a3.4.4 Multicollinearity -- 3.4.5 Insufficient Sample Size -- 3.4.6 Spurious Results Indicating Insignificance -- 3.5 How Should a Change in Loanable Funds Be Distributed to Tax and Spending Deficits -- 3.6 Other Model Specification Issues: Different Deficit Modifiers Tested -- References -- Part II Theory of Crowd Out and Accommodative Monetary Policy -- 4 Theory of Crowd Out and Accommodative Monetary Policy -- 4.1 Under What Conditions, Federal Reserve Purchases of Government Securities Can Work to Stimulate the Economy -- 4.1.1 Overview
001434932 5058_ $$a4.1.2 Detailed Analysis of the Crowd Out and Accommodative Monetary Policy Processes -- 4.1.2.1 Accommodative Federal Reserve Purchases from Depository Institutions -- 4.1.2.2 Federal Reserve Purchases from Non-Depository Institutions -- 4.2 A Formal Model of the Effects of Fiscal Stimulus Programs, Their Crowd Out Effects, and How Accommodative Monetary Policy Can Offset Crowd Out Effects, Allowing the Fiscal Stimulus to Work -- 4.2.1 Crowd Out Effects of Deficit Financing -- 4.2.2 How Accommodating Monetary Policy Offsets Crowd Out Effects
001434932 506__ $$aAccess limited to authorized users.
001434932 520__ $$aThis book comprehensively and scientifically tests the assertion that accommodative monetary policy can eliminate the "crowd out" problem, allowing fiscal stimulus programs (such as tax cuts or increased government spending) to stimulate the economy as intended. The book is intended to be the largest scale scientific test ever performed on this topic. It includes about 800 separate statistical tests on the U.S. economy testing different parts or all of the period 1960 2010. These tests focus on whether accommodative monetary policy, which increases the pool of loanable resources, can offset the crowd out problem. The book, employing the best scientific methods available to economists, concludes it could have, but until the quantitative easing program, Federal Reserve efforts to accommodate fiscal stimulus programs were not large enough to offset more than 23% to 44% of any one years crowd out problem. That provides the science part of the answer as to why accommodative monetary policy didnt accommodate: too little of it was tried. The book also tests whether other changes in loanable funds, occurring because of natural changes in the economy or the savings rate can also offset crowd out, and concludes it can. Its companion volume Why Fiscal Stimulus Programs Fail, Volume 1: The Limits of Accommodative Monetary Policy in Practice explores the policy implications of these results. John J. Heim is Visiting Professor at University of Albany-SUNY, and retired Clinical Professor of Economics at Rensselaer Polytechnic Institute, both in New York, USA
001434932 588__ $$aOnline resource; title from PDF title page (SpringerLink, viewed April 2, 2021).
001434932 650_0 $$aFiscal policy$$zUnited States.
001434932 650_0 $$aEconomic stabilization$$zUnited States.
001434932 650_6 $$aPolitique fiscale$$zÉtats-Unis.
001434932 650_6 $$aStabilisation économique$$zÉtats-Unis.
001434932 651_0 $$aUnited States$$xEconomic policy.
001434932 651_6 $$aÉtats-Unis$$xPolitique économique.
001434932 655_0 $$aElectronic books.
001434932 77608 $$iPrint version:$$z3030647269$$z9783030647261$$w(OCoLC)1202752186
001434932 852__ $$bebk
001434932 85640 $$3Springer Nature$$uhttps://univsouthin.idm.oclc.org/login?url=https://link.springer.com/10.1007/978-3-030-64727-8$$zOnline Access$$91397441.1
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001434932 980__ $$aBIB
001434932 980__ $$aEBOOK
001434932 982__ $$aEbook
001434932 983__ $$aOnline
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