Has Federal Budget Deficit Policy Changed in Recent Years?
AbstractThis paper applies new tests for parameter instability in cointegrated regression models to the U.S. federal government's intertemporal budget constraint in order to detect whether there has been a regime change in spending and taxing policies. Some researchers have argued that fiscal policy under Presidents Reagan and Bush moved the U.S. deficit onto an unsustainable path. The author's results suggest that government deficit policy in the 1980s was not significantly different from policies during the three earlier decades. However, a diverging debt-GNP ratio suggests that the government will run into problems marketing its debt if current policy continues. Copyright 1995 by Oxford University Press.
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Bibliographic InfoPaper provided by York (Canada) - Department of Economics in its series Papers with number 93-8.
Length: 18 pages
Date of creation: 1993
Date of revision:
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Postal: YORK UNIVERSITY, DEPARTMENT OF ECONOMICS, 4700 KEELE ST-NORTH YORK ONTARIO H3J 1P3 CANADA.
Phone: (416) 736-5083
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Web page: http://dept.econ.yorku.ca/
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budget ; debt ; policy making;
Other versions of this item:
- Haug, Alfred A, 1995. "Has Federal Budget Deficit Policy Changed in Recent Years?," Economic Inquiry, Western Economic Association International, vol. 33(1), pages 104-18, January.
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