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The U.S. Intertemporal Budget Constraint: Restoring Equilibrium Through Increased Revenues or Decreased Spending?

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Author Info

  • William J. Crowder

    (University of Texas at Arlington)

Abstract

This paper tests the stability of the U.S. federal intertemporal budget constraint over the postwar period. The implied equilibrium budget path is estimated and used to determine which component of the budget has greater responsibility for the recent intertemporal violations.

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File URL: http://128.118.178.162/eps/mac/papers/9702/9702002.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 9702002.

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Length: 34 pages
Date of creation: 14 Feb 1997
Date of revision: 17 Feb 1997
Handle: RePEc:wpa:wuwpma:9702002

Note: Type of Document - PostScript; prepared on IBM-PC; to print on HPLaserjet postscript; pages: 34; figures: included in the paper
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Web page: http://128.118.178.162

Related research

Keywords: Budget Deficit; Intertemporal; Cointegration;

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References

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  1. Trehan, Bharat & Walsh, Carl E., 1988. "Common trends, the government's budget constraint, and revenue smoothing," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 425-444.
  2. Haug, A.A., 1993. "Has Federal Budget Deficit Policy Changed in Recent Years?," Papers 93-8, York (Canada) - Department of Economics.
  3. Henning Bohn, . "Budget Balance Through Revenue or Spending Adjustments ? Some Historical Evidence for the United States (Reprint 013)," Rodney L. White Center for Financial Research Working Papers 3-91, Wharton School Rodney L. White Center for Financial Research.
  4. Dolado, Juan J., 1992. "A note on weak exogeneity in VAR cointegrated models," Economics Letters, Elsevier, vol. 38(2), pages 139-143, February.
  5. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
  6. Kremers, Jeroen J. M., 1988. "Long-run limits on the US Federal debt," Economics Letters, Elsevier, vol. 28(3), pages 259-262.
  7. Quintos, Carmela E, 1995. "Sustainability of the Deficit Process with Structural Shifts," Journal of Business & Economic Statistics, American Statistical Association, vol. 13(4), pages 409-17, October.
  8. Hakkio, Craig S & Rush, Mark, 1991. "Is the Budget Deficit "Too Large?"," Economic Inquiry, Western Economic Association International, vol. 29(3), pages 429-45, July.
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Citations

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Cited by:
  1. António Afonso, 2000. "Fiscal policy sustainability: some unpleasant European evidence," Working Papers Department of Economics 2000/12, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
  2. Cunado, J. & Gil-Alana, L. A. & Perez de Gracia, F., 2004. "Is the US fiscal deficit sustainable?: A fractionally integrated approach," Journal of Economics and Business, Elsevier, vol. 56(6), pages 501-526.
  3. Huseyin Kalyoncu, 2005. "Fiscal policy sustainability: test of intertemporal borrowing constraints," Applied Economics Letters, Taylor & Francis Journals, vol. 12(15), pages 957-962.

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