Alternative modes of deficit financing and endogneous monetary and fiscal policy in the U.S.A. 1923–1982
通过一个小型宏观经济模型，研究不同赤字融资方式对美国失业率、通胀率和实际利率的影响，并分析货币与财政反应函数的性质，发现1923-1960年和1961-1982年两个时期的行为和政策存在显著差异，长期货币中性是后一时期稳定政策的结果而非经济固有特性。
Abstract This paper first investigates the effects of alternative modes of deficit financing on the unemployment rate, the inflation rate and the real interest rate, within the framework of a small complete macroeconomic model. Secondly, it examines the nature of monetary and fiscal reaction functions. The two periods 1923–1960 and 1961–1982 are considered, with substantial differences in behaviour and policy being shown to exist between them. The most important conclusion is that long‐run monetary neutrality properties shown to exist over the latter period are not intrinsic to the U.S. economy, but rather are the result of the stabilization policies being conducted over that period.