Crowding Out during Britain's Industrial Revolution
利用英国历史数据，研究发现1793年后因对法战争导致的政府大量借贷推高了利率，证实了工业革命期间存在滞后的挤出效应，支持新古典储蓄投资模型。
Contrary to earlier assertions, the historical data for Britain do confirm a (lagged) crowding-out effect during the Industrial Revolution. Heavy government borrowing after 1793 for the wars with France raised interest rates. These results are confirmed with nominal-interest-rate equations rather than with real-rate equations, which impose restrictive assumptions about the adjustment of nominal rates to inflation expectations. We see no reason to abandon the neoclassical, factor- allocation model of saving and investment in favor of a theory asserting that firms accumulate capital for investment independently of household saving decisions.