This week, with the Federal Reserve Banks of New York and Atlanta anticipating sharply lower GDP growth for 2019:Q1, President Trump presented a ‘Budget for A Better America’, calling for a smaller government and a bigger military. Forty years ago, the very same call was hailed as the best...

Defense spending is a multifaceted phenomenon. In recent years, economists and policy makers have been interested in the explanation of the relationship between defense spending and macroeconomic variables especially growth. This study explores the connection between defense outlays and growth...