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| Author: | Ohanian, L. |
| Title: | The macroeconomic effects of war finance in the United States: World War II and the Korean War |
| Journal: | American Economic Review
1997 : MAR, VOL. 87:1, p. 23-40 |
| Index terms: | ECONOMICS USA KOREA |
| Language: | eng |
| Abstract: | During World War II government expenditures were financed primarily by issueing debt. During the Korean War, expenditures were financed almost exclusively by higher taxes, reflecting President Truman's preference for balanced budgets. This paper evaluates quantitatively the economic effects of the different policies used to finance these two wars. Counterfactual experiments are used to explore the implications of financing World War II like the Korean War, and financing the Korean War like World War II. |
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