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Financing Big US Federal Expenditure Surges: COVID-19 and Earlier Wars
Book chapter

Financing Big US Federal Expenditure Surges: COVID-19 and Earlier Wars

George J. Hall, Thomas J Sargent, Michael D Bordo, John Cochrane and John B Taylor
How Monetary Policy Got behind the Curve--and How to Get Back, pp.253-291
Hoover Institution Press
03/01/2023

Abstract

Central Banks and Their Policies (E58) Crisis Economic History: Government, War, Law, International Relations, and Regulation: U.S., Canada: 1913- (N42) Economic History: Macroeconomics and Monetary Economics, Industrial Structure, Growth, Fluctuations: U.S., Canada: 1913- (N12) Fed Inflation Interest Rates: Determination, Term Structure, and Effects (E43) Monetary Monetary Policy Monetary Policy (E52) Policy Price Level, Inflation, Deflation (E31) War History
Directed by a consolidated government budget constraint, we compare US monetary-fiscal responses to World Wars I and II, and the War on COVID-19 with responses to the War of Independence, the War of 1812, and the Civil War.

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