This Note endeavors to illustrate the relevance of the impact of the budget deficit upon the interest rate to the issue of crowding out. It is argued that empirical studies of the impact of deficits upon interest rates may be very useful in det­ermining whether (and how) crowding out occurs,...

This study empirically investigates the impacts of central government budget deficits and economic freedom on per capita real economic growth in OECD nations over the period 2003–2008. Economic growth is measured by the percentage growth rate of purchasing-power-parity adjusted real per capita...

This study of the impact of economic freedom on per capita real GDP among OECD nations over the 2003-2006 period, with each OECD nation during this time frame being treated as a de facto “economic region” within the OECD, finds strong initial support for the hypothesis proffered here that...

This paper formulates a simple mathematical framework for the selection of an optimum "relative unanimity” collective decision rule. The approach is first to identify the benefits of moving from a rule of simple majority towards a rule of full unanimity. Then, the costs of moving from simple...

This brief Note provides strong empirical evidence that federal govern­ment deficits can indeed have a positive and significant impact upon short­ term interest rates; the findings in this paper thereby establish another mechanism for the transmission of crowding out. This study differs from...

This study investigates the impact of federal budget deficits on both short-term and long­-term interest rates from 1971 to 1984 within an open IS-IM model that includes net international capital inflows. Two time periods are examined using quarterly data: 1971.4 to 1984.4 and 1979.4 to 1984.4....

Abstract This study empirically investigates the extent of noncompliance with the tax code and examines the determinants of federal income tax evasion in the U.S. Employing a refined version of Feige’s (1986; 1989) General Currency Ratio (GCR) model to estimate a time series of unreported income...

Abstract This study empirically investigates the extent of non compliance with the tax code and the determinants of federal income tax evasion in the U.S. Employing the most recent data we find that 18-19% of total reportable income is not properly reported to the IRS, giving rise to a “tax...

This empirical study investigates determinants of interstate real median home price differentials for the year 2005. While the literature on geographic cost-of-living differentials is well developed, the literature on geographic housing price differentials is much less so. Given the relatively...

The present paper examines the impact that budget deficits exercise on economic growth in the United States. Using a simple growth model that includes a variety of public policy variables, we provide Instrumental Variables (IV) estimates that indicate growth in the United States over time. The...