New Results in Support of the Fiscal Policy Ineffectiveness Proposition
发现以往检验货币和财政政策有效性的研究因忽略政策交互作用而有偏误。对美国数据的分析表明，短期内有预期和无预期的财政政策均无效，但长期所有政策对产出增长影响中性。
The authors demonstrate that previous tests of money and fiscal policy ineffectiveness are likely to be biased because they ignore interaction effects between policies. The authors' empirical analysis of U.S. experience supports the short-run ineffectiveness of anticipated and unanticipated fiscal policy, in contrast to other empirical research, but, similarly to most other studies, rejects the short-run neutrality of anticipated money. However, they find that in the longer run all policies--either anticipated or unanticipated--have had neutral effects on U.S. output growth. Copyright 1990 by Ohio State University Press.