Inflation and the Measurement and Impact of Fiscal Variables
{'Code': '04050100', 'Directorate': {'Abbreviation': 'SBE', 'LongName': 'Direct For Social, Behav & Economic Scie'}, 'Division': {'Abbreviation': 'SES', 'LongName': 'Divn Of Social and Economic Sciences'}}
{'SignBlockName': 'Daniel H. Newlon', 'PO_EMAI': None, 'PO_PHON': None}
Budget surpluses, deficits and underlying fiscal variables in the U.S.          and other developed industrial nations are modified and supplemented to         reflect changes in the real value of government financial assets and            liabilities.  This project develops complete and detailed inflation             corrections to government outlays and receipts so that adjusted budget          deficits correspond to increases in the real market value of net                government debt.  During the two-year period of the original grant, the         project assembled quarterly data to complement earlier annual time              series, refined the measurement methodology, especially with respect to         the construction of par-to-market indexes, and updated from 1981 to             1984, with 1985 nearly complete.  Under the present grant the                   investigators will develop all the series for deficits and balance              sheets through 1986 and 1987 as data becomes available.                                                                                                         In HOW REAL IS THE FEDERAL DEFICIT (1986) the investigator presented            some striking results obtained from analyzing these data.  For example,         inflation-adjusted or real federal deficits as a percentage of GNP were         sharply positively related to increases in investment as well as in             consumption.  Over the period of estimation, 1962 to 1984, large                government deficits appear to have been "crowding in" rather than as is         now believed by most economists crowding out savings and investment.            This book has been hailed for developing sounder and more economically          relevant measures of government budgets, but the provocative results            are vulnerable to the criticism that they may be spurious reflections           of real causative variables which have been ignored and excluded.  This         grant permits the investigator to specify and estimate structural               equations which would show whether or not this criticism is valid.              More specifically, parameters of single structural equations and                reduced forms relating adjusted budgets and their various components to         real GNP, unemployment, inflation, investment, consumption and the              balance of payments are estimated.  Relations involving the adjusted            measures are introduced into major macroeconometric models.  Estimated          parameters, simulations and predictions, utilizing original and                 adjusted variables and relations, are compared.                                                                                                                 Adjusted variables for government budgets and balance sheets are                also related to the Total Incomes System of Accounts (TISA), focussing          on nonmarket components of consumption and investment in financial,             tangible and human capital by government and households as well as by           business.
{'FirstName': 'Robert', 'LastName': 'Eisner', 'PI_MID_INIT': None, 'PI_SUFX_NAME': None, 'PI_FULL_NAME': 'Robert Eisner', 'EmailAddress': None, 'NSF_ID': '000169797', 'StartDate': '08/01/1987', 'EndDate': None, 'RoleCode': 'Principal Investigator'}
{'Name': 'Northwestern University', 'CityName': 'EVANSTON', 'ZipCode': '602080001', 'PhoneNumber': '3125037955', 'StreetAddress': '633 CLARK ST', 'StreetAddress2': None, 'CountryName': 'United States', 'StateName': 'Illinois', 'StateCode': 'IL', 'CONGRESSDISTRICT': '09', 'CONGRESS_DISTRICT_ORG': 'IL09', 'ORG_UEI_NUM': 'EXZVPWZBLUE8', 'ORG_LGL_BUS_NAME': 'NORTHWESTERN UNIVERSITY', 'ORG_PRNT_UEI_NUM': None}
{'Name': None, 'CityName': None, 'StateCode': None, 'ZipCode': None, 'StreetAddress': None, 'CountryCode': None, 'CountryName': None, 'StateName': None, 'CountryFlag': None, 'CONGRESSDISTRICT': None, 'CONGRESS_DISTRICT_PERF': '""'}
[{'Code': '1320', 'Text': 'Economics'}, {'Code': '9120', 'Text': 'CROSS-DIRECTORATE PROGRAMS'}]
{'url': 'https://www.nsf.gov/awardsearch/download?DownloadFileName=1987&All=true', 'xml': '8707979.xml'}