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General Equilibrium Perception on Twin Deficits Hypothesis: An Empirical Evidence for the U.S

  • Tuck Cheong Tang
  • Evan Lau

From the general equilibrium perceptive, this study proposes the inclusion of private savings and investments in examining twin deficits hypothesis. Using U.S. data, the empirical results support twin deficits hypothesis but the budget deficit’s elasticity is decreasing from unity to 0.43.

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File URL: http://www.buseco.monash.edu.au/eco/research/papers/2009/0909equilibriumtanglau.pdf
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Paper provided by Monash University, Department of Economics in its series Monash Economics Working Papers with number 09-09.

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Length: 7 pages
Date of creation: Aug 2009
Date of revision:
Handle: RePEc:mos:moswps:2009-09
Contact details of provider: Postal: Department of Economics, Monash University, Victoria 3800, Australia
Phone: +61-3-9905-2493
Fax: +61-3-9905-5476
Web page: http://www.buseco.monash.edu.au/eco/
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  1. Michele Cavallo, 2005. "Understanding the twin deficits: new approaches, new results," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue jul22.
  2. MacKinnon, James G & Haug, Alfred A & Michelis, Leo, 1999. "Numerical Distribution Functions of Likelihood Ratio Tests for Cointegration," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 14(5), pages 563-77, Sept.-Oct.
  3. Lori Leachman & Bill Francis, 2002. "Twin Deficits: Apparition or Reality?," Applied Economics, Taylor & Francis Journals, vol. 34(9), pages 1121-1132.
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