Problem
Public Finance and Public Policy by Jonathan Gruber, 5th Edition; Worth/Macmillan Publications, 2015.
Based on the book Answer the following question
1. What is the "crowding out" effect of budget deficits? What determines whether crowding out leads to a minor or major reduction in the impact of expansionary fiscal policies on Aggregate Demand? How is it related to the massive fiscal deficit forecast under Obama Administration?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.