Gramm-Rudman-Hollings' hold on budget policy: losing its grip?

Budget ; Deficit financing

The right way to price Federal Reserve services

Federal Reserve banks - Service charges

How little we know about deficit policy effects

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.Budget deficits ; Fiscal policy