Unit roots, structural breaks and cointegration in the UK public finances, 1750-2004
In this article, we report results from several traditional and more recently developed unit root and cointegration tests, allowing for structural breaks, which indicate that UK government revenue and spending during 1750-2004 were I(1) series and cointegrated, and that the UK public finances have been on a consistently sustainable path over the long run.
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Volume (Year): 43 (2011)
Issue (Month): 20 ()
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