Punishment and Counter-punishment in Public Goods Games: Can we still govern ourselves?
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.
|Date of creation:||Apr 2004|
|Date of revision:||Apr 2004|
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