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Journal Article
Crowding out and its critics
Journal Article
Gauging fiscal policy: II
Journal Article
Export crowding out
Journal Article
Deficits vs. investment
Journal Article
Crowding-out: Japanese experience
Journal Article
Inflation premiums, budget deficits
Journal Article
U.S. investment in the 1980s: the real story
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
Gauging fiscal policy: I