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Punishment and Counter-punishment in Public Goods Games: Can we still govern ourselves?

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    Abstract

    we characterise fiscal policy in terms of non-linear processes. We find that government spending and taxes can be described as being non-linear trend stationary processes instead of unit roots. A long run equilibrium relationship - a non-linear co-trend - does exist between the two series, fulfilling the intertemporal government budget constraint. We use Italian data spanning from 1861 to 1998.

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    File URL: http://www.rhul.ac.uk/economics/Research/WorkingPapers/pdf/dpe0406.pdf
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    Bibliographic Info

    Paper provided by Department of Economics, Royal Holloway University of London in its series Royal Holloway, University of London: Discussion Papers in Economics with number 04/06.

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    Length: 34 pages
    Date of creation: Apr 2004
    Date of revision: Apr 2004
    Handle: RePEc:hol:holodi:0406

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    Related research

    Keywords: taxes; government expenditure; intertemporal government budget constraint; non-linear trend stationarity; non-linear co-trending;

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