By J. O. N. Perkins (auth.)
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In this case it is obvious that if one wants to exert downward pressure on prices while raising output, government outlays should be reduced and taxes cut to an appropriate extent until the two objectives are achieved; for in this case a cut in government outlays would not have any (unwanted) downward effect on output. (ii) Even if each instrument has some effect on both objectives, the desired result can be achieved by appropriate adjustments of both of them, provided only that their respective (upward) effects on prices are not the same for a given upward effect on output.
2 also show, in two of the countries covered - the US and Canada - the effect on the average level of prices over the five-year period ofthe accommodated form of both types of fiscal stimulus tested (for a given effect on output) is less than is the bond-financed alternative. For the rest of the countries the accommodated form of a fiscal stimulus exerts more upward Empirical Evidence 27 pressure on prices over the course of the period than when the same form of fiscal stimulus is financed by bond sales (that is, with the quantity of money held constant).
98 or more SOURCE: Derived from Dramais, 1986. NOTE: as cuts in indirect taxes and in employers' social security contributions reduce prices as well as stimulating real output, there is (so far as this evidence goes, at any rate) no upper limit to the extent to which those taxes could be cut in the process of giving a non-inflationary stimulus. Indeed, there would be no need also to reduce government outlays in order to give a non-inflationary stimulus by cuts in either of those taxes, unless there was also some other aim, such as holding down the budget deficit or the deficit on the current account.