Government Deficits and Money Growth
研究美国二战后政府融资决策对货币扩张的影响，发现1980年代前后存在政策转变：1981年前预算赤字对基础货币增长无独立影响，之后则存在关联。
Additional empirical evidence is provided concerning the impact of government financing decisions on monetary expansion in the United States for the post-World War II period. The budget position of the fiscal authority and the rate of money growth set by the Fed are specified as endogenous variables within a system of equations. The empirical analysis generates evidence of a policy shift in the 1980s, with budget deficits exerting no independent influence on high-powered money growth prior to 1981 while, after 1981, such a linkage is found to exist. Copyright 1990 by MIT Press.