Fiscal Policy and Aggregate Demand

David Alan Aschauer

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Fiscal Policies and Political Economy Economic and Fiscal Studies Fiscal Policy and Economic Growth

Abstract

This paper is an investigation of the effects of fiscal policy on private consumption and aggregate demand within an explicit intertemporal optimization framework. Empirical evidence is brought to bear on the following questions: (1) is consumption sensitive to the choice of tax versus debt financing of current government expenditure and (2) to what extent, if any, does government spending directly substitute for private consumer expenditure? The former question has stimulated a considerable amount of research since the Barro (1974) revival of the "Ricardian equivalence " proposi-

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2004Budget Deficits, National Saving, and Interest Rates 2007Why does private consumption rise after a government spending shock?1987Ricardian Equivalence: An Evaluation of Theory and Evidence 2002The Effectiveness of Fiscal Policy in Stimulating Economic Activity 1986Temporary and permanent government spending in an open economy: Some evidence for the United Kingdom 2010Rent-seeking distortions and fiscal procyclicality 2004Public goods, merit goods, and the relation between private and government consumption 1996Are consumption taxes really better than income taxes?

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