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Journal Article
The emergence of \\"regular and predictable\\" as a Treasury debt management strategy
Garbade, Kenneth D. (2007-03)
During the 1970s, U.S. Treasury officials revised the framework within which they selected the maturities of new notes and bonds. Previously, they chose maturities on an offering-by-offering basis. By 1982, the Treasury had ceased these "tactical" sales and was selling notes and bonds on a "regular and predictable" schedule. This article describes that key change in the Treasury's debt management strategy. The author shows that in 1975, Treasury officials financed an unusually rapid expansion of the federal deficit with a flurry of tactical offerings. Because the timing and maturities ...
Economic Policy Review , Volume 13 , Issue Mar , Pages 53-71

Working Paper
Local deficits and local jobs: can U.S. statess stabilize their own economies?
Inman, Robert P.; Carlino, Gerald A. (2013)
Using a sample of the 48 mainland U.S. states for the period 1973-2009, we study the ability of U.S. states to expand their own state employment through the use of state deficit policies. The analysis allows for the facts that U.S. states are part of a wider monetary and economic union with free factor mobility across all states and that state residents and firms may purchase goods from ?neighboring? states. Those purchases may generate economic spillovers across neighbors. Estimates suggest that states can increase their own state employment by increasing their own deficits. There is ...
Working Papers , Paper 13-11

Journal Article
Do government deficits matter?
Thornton, Daniel L. (1990-09)
Review , Issue Sep , Pages 25-39

Working Paper
Back to the future: monetary policy and the twin deficits
Tootell, Geoffrey M. B. (1992)
There has been a significant correlation between inward foreign direct investment in the United States and the U.S. real exchange rate since the 1970s. Two alternative reasons for this relationship are that the real exchange rate affects the relative cost of production and that the real exchange rate alters reTative wealth across countries. In this paper we explore these alternatives by examining the determinants of four measures of inward foreign direct investment to the United States from seven industrial countries over the period 1979 to 1988. We find strong evidence that relative wealth ...
Working Papers , Paper 92-1

Newsletter
The U.S. deficit outlook March 2010
El-Ghazaly, Hoda S. (2010-03)
For years, economists have debated the wisdom of increasing government spending during recessions. On the one hand, increased spending adds to budget deficits, but on the other, increased spending can stimulate the economy during a downturn, thus speeding recovery. Deficits topped $1.4 trillion in the latest recession?which raises two questions: "How big is 'too big' in terms of spending?" and "What are the long-term consequences?" The March 2010 Newsletter offers some insights into this timely topic.
Liber8 Economic Information Newsletter , Issue March

Journal Article
Deficit-financed tax cuts and interest rates
Leduc, Sylvain (2004-04)
Why do proposals to lower taxes often meet with opposition in Congress. One argument is that lowering taxes without an equivalent fall in government spending may lead to future budget deficits, which will translate into higher long-term interest rates and a lower level of income. Sylvain Leduc discusses the theoretical arguments under which budget deficits lead to higher interest rates. He also surveys empirical studies that used data on expected budget deficits to document the possibility that increases in future budget deficits are associated with higher real long-term interest rates.
Business Review , Issue Q2 , Pages 30-37

Journal Article
Unwinding the current account deficit
Neely, Christopher J. (2005-05)
International Economic Trends , Issue May

Journal Article
Deeper deficit doldrums
Bisignano, Joseph (1975)
FRBSF Economic Letter

Working Paper
What do regressions of interest rates on deficits imply?
Swamy, P. A. V. B.; Kolluri, Bharat R.; Singamesetti, Rao N. (1988)
Finance and Economics Discussion Series , Paper 3

Journal Article
Do deficits matter?
Walsh, Carl E. (1988)
FRBSF Economic Letter

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