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Working Paper
Crowding out and the wealth role of government debt
Journal Article
Deficits, interest rates, crowding out
Journal Article
Crowding out and its critics
Journal Article
Are we saving enough?
Journal Article
Classical reflections on the deficit
Journal Article
Export crowding out
Working Paper
Does the NEA crowd out private charitable contributions to the arts?
In this paper, I extend a theoretical model of the crowding out hypothesis, whereby government contributions to a public good displace private giving, in order to illustrate how dollar-for-dollar crowding out is possible even when individuals regard their own contributions and government grants as imperfect substitutes. I estimate that private charitable contributions to arts organizations increased by 60 cents to a dollar due to a major funding cut to the National Endowment for the Arts (NEA) during the mid-1990s. These increases, however, also coincided with, on average, a 25 cent increase ...
Journal Article
Inflation premiums, budget deficits