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Fiscal Trends in Real Economic Aggregates

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  • Ahmed, Shaghil
  • Yoo, Byung Sam
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    Abstract

    Using cointegration analysis, the authors examine long-term interactions between fiscal variables and the consumption-output and leisure-labor ratios. The motivation is to test if fiscal trends are an independent source of stochastic trends underlying the long-run behavior of real economic aggregates. The authors' results support the presence of fiscal trends and can be interpreted quite well in terms of the equilibrium approach to fiscal policy. They suggest that neoclassical growth models that embed fiscal trends and distinguish between components of government purchases are more consistent with the data than simple real-business-cycle models. Copyright 1995 by Ohio State University Press.

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    Bibliographic Info

    Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

    Volume (Year): 27 (1995)
    Issue (Month): 4 (November)
    Pages: 985-1001

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    Handle: RePEc:mcb:jmoncb:v:27:y:1995:i:4:p:985-1001

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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    Cited by:
    1. CARDIA, Emanuela & KOZHAYA, Norma & RUGE-MURCIA, Francisco J., 1999. "Distortionary Taxation and Labor Supply: Evidence from Canada," Cahiers de recherche 9913, Universite de Montreal, Departement de sciences economiques.
    2. Sanghamitra Bandyopadhyay & Joan Esteban, 2007. "Redistributive Taxation and Public Expenditures," Economics Series Working Papers 366, University of Oxford, Department of Economics.
    3. Simon Wiederhold, 2012. "The Role of Public Procurement in Innovation: Theory and Empirical Evidence," ifo Beiträge zur Wirtschaftsforschung, Ifo Institute for Economic Research at the University of Munich, number 43, 8.
    4. Amir Kia, 2006. "Deficits, Debt Financing, Monetary Policy and Inflation in Developing Countries: Internal or External Factors? Evidence from Iran," Carleton Economic Papers 06-03, Carleton University, Department of Economics, revised Nov 2006.
    5. K. Peren Arin & Faik Koray, 2005. "Fiscal Policy And Economic Activity: Us Evidence," CAMA Working Papers 2005-09, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    6. Sanghamitra Bandyopadhyay & Joan Esteban, 2009. "Redistributive Taxation, Public Expenditure, and Size of Governent," Working Papers 416, Barcelona Graduate School of Economics.
    7. Joan Esteban & Laura Mayoral, 2013. "A Politico-Economic Model of Public Expenditure and Income Taxation," Working Papers 743, Barcelona Graduate School of Economics.
    8. Nooman Rebei & Hafedh Bouakez, 2004. "Why Does Private Consumption Rise After a Government Spending Shock?," Computing in Economics and Finance 2004 20, Society for Computational Economics.
    9. Amir Kia, 2004. "Deficits, Debt Financing, Monetary Policy and Inflation in Developing Countries: Internal or External Factors?," Carleton Economic Papers 04-15, Carleton University, Department of Economics.
    10. Kia, Amir, 2006. "Deficits, debt financing, monetary policy and inflation in developing countries: Internal or external factors?: Evidence from Iran," Journal of Asian Economics, Elsevier, vol. 17(5), pages 879-903, November.
    11. Neville Francis & Valerie A. Ramey, 2002. "Is the Technology-Driven Real Business Cycle Hypothesis Dead?," NBER Working Papers 8726, National Bureau of Economic Research, Inc.
    12. Simon Wiederhold, 2009. "Government Spending Composition in a Simple Model of Schumpeterian Growth," Jena Economic Research Papers 2009-101, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
    13. Ramey, Valerie A & Francis, Neville, 2002. "Is The Technology-Driven Real Business Cycle Hypothesis Dead? Shocks and Aggregate Fluctuations Revisted," University of California at San Diego, Economics Working Paper Series qt6x80k3nx, Department of Economics, UC San Diego.

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