DEFICITS, POLITICS AND MONEY GROWTH

KEVIN B. GRIER · HOWARD E. NEIMAN

59 citations0/0 files storedEconomic Inquiry

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Monetary Policy and Economic Impact Economic Theory and Policy Fiscal Policies and Political Economy

Abstract

We examine the linkage between Federal deficits and money growth by allowing the Fed's response to any given deficit to vary systematically according to how the deficit is generated and the Party affiliation of the current president. In equations for Ml and monetary base growth, the structural deficit is consistently significant and invariant across political changes, while the cyclical component of the deficit (or a direct measure of the business cycle) is significant only during the tenure of Democratic presidents.

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References

1976Econometric policy evaluation: A critique 1977Political Parties and Macroeconomic Policy 1979On the Determination of the Public Debt 1981Some Unpleasant Monetarist Arithmetic 1984Some Unpleasant Monetarist Arithmetic 1977Democracy in Deficit: The Political Legacy of Lord Keynes 1976Unanticipated Money Growth and Unemployment in the United States 1982INFLATION AND GOVERNMENT DEFICITS

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