Y a-t-il des biais systematiques dans les annonces budgetaires canadiennes? (With English summary.)
Every year the Canadian government makes up a budget for the forthcoming fiscal year. During the budget process, projections are made of expenditures and receipts contingent upon predictions of key macroeconomic variables. Naturally, one expects that the budget deficit or surplus actually realized will differ from what was initially announced. Neither of the two major protagonists in the budget decision-making process, namely the Legislative and Executive Branches of government, may have an interest in using truthful projections, however. The purpose of the paper is to find empirical regularities. It is found that (1) the difference between projected and realized budgets is substantial; and (2) that the differences are systematically related to publicly available information at the time of the budget announcement. The publicly available information contains key macroeconomic variables related to the electoral and legislative process. It is shown that the biases are fairly predictable at the time budget projections are announced.
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Volume (Year): 15 (1989)
Issue (Month): 3 (September)
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References listed on IDEAS
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- Ghysels, E., 1987. "The Political Economy of the Budget and Efficient Information Processing," Cahiers de recherche 8733, Universite de Montreal, Departement de sciences economiques.
- David, J-F. & Ghysels, E., 1989.
"Y A-T-Il Des Biais Systematiques Dans Les Annonces Budgetaires Canadiennes?,"
Cahiers de recherche
8912, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
- Jean Francois David & Eric Ghysels, 1989. "Y a-t-il des biais systematiques dans les annonces budgetaires canadiennes? (With English summary.)," Canadian Public Policy, University of Toronto Press, vol. 15(3), pages 313-321, September.
- David, J.F. & Ghysels, E., 1989. "Y A-T-Il des Biais Systematiques Dans les Annonces Budgetaires Canadiennes?," Cahiers de recherche 8912, Universite de Montreal, Departement de sciences economiques.
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8330, Universite de Montreal, Departement de sciences economiques.
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- Phillips, Peter C. B., 1979. "The sampling distribution of forecasts from a first-order autoregression," Journal of Econometrics, Elsevier, vol. 9(3), pages 241-261, February.
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"A simple, positive semi-definite, heteroscedasticity and autocorrelation consistent covariance matrix,"
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- Whitney K. Newey & Kenneth D. West, 1986. "A Simple, Positive Semi-Definite, Heteroskedasticity and AutocorrelationConsistent Covariance Matrix," NBER Technical Working Papers 0055, National Bureau of Economic Research, Inc.
- Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
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