Fiscal injections scotched by fed

Yes the fed can constrict Net credit flows To counter fiscal thrust funded with borrowed money But how can you set up a test of pure fiscal activism ? What is the neutral policy the fed must take ? The hicks model tells us nothing if the fiscal borrowing doesn't move the nominal rate off the floor Or even if it does but that change leaves corporate and household spending " unimpacted" And the dollar doesn't strengthen or export buyers spending is " unaffected" by the forex change