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Federal Reserve Bank of Minneapolis
Quarterly Review
How little we know about deficit policy effects
Preston J. Miller
William Roberds
Abstract

We use a simple model to show why previous empirical studies of budget policy effects are flawed. Due to an identification problem, those studies' findings can be shown to be consistent with policies either mattering or not. We argue that this problem is difficult and not likely to be resolved soon.


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Preston J. Miller & William Roberds, "How little we know about deficit policy effects" , Federal Reserve Bank of Minneapolis, Quarterly Review, issue Win, pages 2-11, 1992.
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Keywords: Budget deficits ; Fiscal policy
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