Alternative U. S. Monetary and Deficit Reduction Policies for the 1980s
构建了一个36方程计量模型，分析赤字削减政策对货币供给、价格和资本存量的影响，发现内生资本存量下赤字削减成本高昂，供给侧效应起决定性作用。
The authors have developed a thirty-six-equation econometric model to measure the effects of deficit reduction policies. The model features endogenous explanations of the money stock (through the Federal budget constraint), the price level, and the capital stock, and includes wealth in the consumption and money demand functions. The authors conducted two groups of five simulations for the 1980-85 period. The capital stock was endogenous in the first group and exogenous in the second group. Negative crowding in with an endogenous capital stock made deficit reduction policies without offsetting stimulus elsewhere costly. Supply-side effects played a decisive role in the simulations. Copyright 1988 by Ohio State University Press.