Deficits and Money Growth in the United States: A Comment

UNCG Author/Contributor (non-UNCG co-authors, if there are any, appear on document)
Stuart D. Allen, Professor (Creator)
Donald L. McCrickard, Associate professor and Associate Dean (Creator)
The University of North Carolina at Greensboro (UNCG )
Web Site:

Abstract: Joines (1985) argues that the Federal Reserve accommodates war-induced deficit spending but not non-war-induced deficit spending. Using a first-difference form of a reaction function to obtain a stationary time series of the monetary base, we find that the Federal Reserve has accommodated federal government deficit spending in the post-World War II period.

Additional Information

Journal of Monetary Economics, 21(1) January, 143-154.
Language: English
Date: 1988
Federal reserve, Deficit spending, Fiscal policy

Email this document to