When Does Government Debt Crowd Out Investment?
Article first published online: 20 SEP 2013
Copyright © 2013 John Wiley & Sons, Ltd.
Journal of Applied Econometrics
Volume 30, Issue 1, pages 24–45, January/February 2015
How to Cite
2015), When Does Government Debt Crowd Out Investment?, J. Appl. Econ., 30, pages 24–45. DOI: 10.1002/jae.2356and (
- Issue published online: 28 JAN 2015
- Article first published online: 20 SEP 2013
- Manuscript Revised: 31 JUL 2013
- Manuscript Received: 28 JUN 2011
- 2008. On the application and use of DSGE models. Journal of Economic Dynamics and Control 32: 2428–2452. , , , .
- 2007. Bayesian analysis of DSGE models. Econometric Reviews 26: 113–172. , .
- 1984. Do federal deficits really matter? Contemporary Economic Policy 3: 79–95. , , .
- 1991. The effects of federal budget deficits on interest rates and the composition of domestic output. In The Great Fiscal Experiment, Penner RG (ed.). Urban Institute Press: Washington, DC; 71–141. , , , .
- 1995. Are apparent productive spillovers a figment of specification error? Journal of Monetary Economics 36: 165–188. , .
- 1993. Fiscal policy in general equilibrium. American Economic Review 83: 315–334. , .
- 1989. A neoclassical perspective on budget deficits. Journal of Economic Perspectives 3: 55–72. .
- 2008. What accounts for the change in U.S. fiscal policy transmission? Journal of Monetary, Credit and Banking 40: 1439–1470. , , .
- 2007. Why does private consumption rise after a government spending shock? Canadian Journal of Economics 40: 954–979. , .
- 1972. Money, debt, and economic activity. Journal of Political Economy 80: 951–977. , .
- 1980. Fiscal and monetary policies, capital formation, and economic activity. In The Government and Capital Formation, Von Furstenberg G (ed.). Ballinger: Cambridge, MA; 73–151. , .
- 1989. Consumption, incomes, and interest rates: reinterpreting the time series evidence. In NBER Macroeconomics Annual 1989, Vol. 4, Blanchard OJ, Fischer S (eds). MIT Press: Cambridge, MA; 185–216. , .
- 2005. Nominal rigidities and the dynamic effects of a shock to monetary policy. Journal of Political Economy 113: 1–45. , , .
- 2005. Does government spending crowd in private consumption? Theory and empirical evidence for the Euro area. International Finance 8: 437–470. , .
- 2010. New Keynesian versus old Keynesian government spending multipliers. Journal of Economic Dynamics and Control 34: 281–295. , , , .
- 2011. Rule of thumb consumers meet sticky wages. Journal of Money, Credit and Banking 43: 325–353; University of Milano Bicocca, MPRA Working Paper No. 3275. .
- Congressional Budget Office. 2012. The 2012 Long-Term Budget Outlook. Congress of the United States, Washington, DC.
- 2006. Fluctuating macro policies and the fiscal theory. In NBER Macroeconomic Annual 2006, Acemoglu D, Rogoff K, Woodford M (eds). MIT Press: Cambridge, MA; 247–316. , .
- 2007. On the fit of new Keynesian models. Journal of Business and Economic Statistics 25: 123–162. , , , .
- 1977. Monopolistic competition and optimum product diversity. American Economic Review 67: 297–308. , .
- 1944. The ‘burden of the debt’ and the national income. American Economic Review 34: 798–827. .
- 2011. Fiscal stimulus and distortionary taxation. ZEW—Centre for European Economic Research Discussion Paper No. 11-037. , .
- 1999. Government debt. In Handbook of Macroeconomics, Vol. 1C, Taylor JB, Woodford M (eds). Elsevier Science: Amsterdam; 1615–1669. , .
- 2005. Federal government debt and interest rates. In NBER Macroeconomics Annual 2004, Gertler M, Rogoff K (eds). MIT Press: Cambridge, MA; 83–160. , .
- 1994. Are government activities productive? Evidence from a panel of U.S. states. Review of Economic and Statistics 76: 1–11. , .
- 2010. The new macroeconometrics: a Bayesian approach. In The Oxford Handbook of Applied Bayesian Analysis, O'Hagan A, West M (eds). Oxford University Press: Oxford; 366–402. , , .
- 2009. The general equilibrium effects of fiscal policy: estimates for the Euro area. Journal of Public Economics 93: 595–585. , , .
- 2003. The economic effects of long-term fiscal discipline. Brookings Institution Working Paper No. 8, Urban-Brookings Tax Policy Center. , .
- 2004. Budget deficits, national saving, and interest rates. Brookings Papers on Economic Activity 35: 101–210. , .
- 2007. Understanding the effects of government spending on consumption. Journal of the European Economic Association 5: 227–270. , , .
- 2009. Fiscal policy in an estimated DSGE model of the Japanese economy: do non-ricardian households explain all? ESRI Discussion Paper Series No. 219. .
- 2004. The Dynamic Macroeconomic Effects of Public Capital. Springer: Berlin. .
- 2000. Constructing and estimating a realistic optimizing model of monetary policy. Journal of Monetary Economics 45: 329–359. .
- 2009. New evidence on the interest rate effects of budget deficits and debt. Journal of European Economic Association 7: 858–885. .
- 1991. Equilibria under ‘active’ and ‘passive’ monetary and fiscal policies. Journal of Monetary Economics 27: 129–147. .
- 1994. Toward a modern macroeconomic model usable for policy analysis. In NBER Macroeconomics Annual 1994, Fischer S, Rotemberg JJ (eds). MIT Press: Cambridge, MA; 81–118. , .
- 2010. Dynamics of fiscal financing in the united states. Journal of Econometrics 156: 304–321. , , .
- 1944. Management of the public debt after the war. American Economic Review 34: 89–132. .
- 2006. Government spending and consumption-hours preferences. ‘La Caixa’ Working Paper Series No. 02/2006. , .
- 2000. The savers–spenders theory of fiscal policy. American Economic Review: Papers and Proceedings 90: 120–125. .
- 1999. Public capital accumulation and private sector performance. Journal of Urban Economics 46: 300–322. , .
- 2005. Estimating the effects of fiscal policy in OECD countries. Federal Reserve Bank of San Francisco Proceedings. .
- 2009. Quest III: an estimated open-economy DSGE model of the Euro area with fiscal and monetary policy. Economic Modelling 26: 222–233. , , .
- 2004. Optimal operational monetary policy in the Christiano–Eichenbaum–Evans model of the U.S. business cycle. National Bureau of Economic Research Working Paper No. 10724. , .
- 2012. What's news in business cycles? Econometrica 80: 2733–2764. , .
- 2001. Solving linear rational expectations models. Journal of Computational Economics 20: 10020. .
- 2003. An estimated dynamic stochastic general equilibrium model of the Euro area. Journal of the European Economic Association 1: 1123–1175. , .
- 2007. Shocks and frictions in US business cycles: a Bayesian DSGE approach. American Economic Review 97: 586–606. , .
- 1993. Discretion versus policy rules in practice. Carneige–Rochester Conference Series on Public Policy 39: 195–214. .
- 1969. A general equilibrium approach to monetary theory. Journal of Money, Credit and Banking 1: 15–29. .
- 2011. Monetary and fiscal policy interactions in the post-war U.S. European Economic Review 55: 140–164. , .
- 1946. Debt management as an instrument of economic policy. American Economic Review 36: 292–310. .
- 2005. Quantifying tax effects under policy foresight. Journal of Monetary Economics 52: 1557–1568. .
- 2013. On fiscal multipliers: estimates from a medium scale DSGE model. International Economic Review (forthcoming). .