Skip to main content

November 1969

Monetary and Fiscal Influences on Economic Activity—The Historical Evidence

by Michael W. Keran

In November 1968 this Review included an article which tested the relative importance of monetary and fiscal influences on economic activity for the postwar period 1953-68. The conclusions of that article were that monetary influences had a stronger, more predictable, and faster impact on economic activity than fiscal influences. The intent of this article is to consider the same issue in a longer, historic context (1919-69).