Macroeconomic Policy and Domestic Saving
نویسنده
چکیده
Without a radical change in monetary and fiscal policy, the United States will experience a higher ratio of deficits to GNP in the 1980s than it has in any decade since the 1940s. It is crucial to understand the risk that this poses to future economic growth, but as the following review of the literature indicates, economic research on the issue is in a primitive state. Precise answers are far beyond our grasp, and all that we can do is describe the risks inherent in a very uncertain situation. Although this is supposed to be a paper about macroeconomic policy and savings, it is impossible to explore the relevant issues without making frequent excursions into microeconomic theory. Consequently, this paper is bound to overlap with others delivered at this conference.
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