Staff Report 120

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How Little We Know About Budget Policy Effects

Preston J. Miller - Former Vice President and Monetary Adviser
William Roberds

Published April 1, 1989

Abstract
Using a simple model, we 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 either policies mattering or not.

Published In: Quarterly Review (Vol 16, Num 1, Winter 1992, pp. 2-11)

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