An inquiry into the sustainability of German Fiscal Policy: Some time-series tests

Public Finance Review

Volumn 27, Issue 2, 1999, Pages 220-236

  Greiner, Alfred ^b   Semmler, Willi ^a  

^a NEW SCHOOL FOR SOCIAL RESEARCH   (United States)

^b NONE

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0033422746     PISSN: 10911421     EISSN: None     Source Type: Journal    
DOI: 10.1177/109114219902700205     Document Type: Article

References (30)

1. Abel, Andrew B., Gregory N. Mankiw, Lawrence H. Summers, and Richard J. Zeckhauser. 1989. Assessing dynamic efficiency: Theory and evidence. Review of Economic Studies 56:1-19.
2. Alesina, Alberto, and Roberto Perotti. 1996. Fiscal adjustments in OECD countries: Composition and macroeconomic effects. NBER Working Paper No. 5730, Cambridge, MA.
3. Blanchard, Olivier J., Jean-Claude Chouraqui, Robert P. Hagemann, and Nicola Sartor. 1990. The sustainability of fiscal policy: New answers to an old question. OECD Economic Studies 15:7-36.
4. Blanchard, Olivier J., and Stanley Fischer. 1989. Lectures on macroeconomics. Cambridge: MIT Press.
5. Bohn, Henning. 1995. The sustainability of budget deficits in a stochastic economy. Journal of Money, Credit, and Banking 27 (1): 258-71.
6. Boss, Alfred, and Oliver J. Lorz. 1995. Die oeffentliche Verschuldung in der Bundesrepublik Deutschland: Ausmaß und Belastungswirkung. Jahrbuch für Wirtschaftswissenschaften (Review of Economics) 46:152-83.
7. Deutsche Bundesbank. 1983. Revidierte Ergebnisse der gesamtwirtschaftlichen Finanzierungsrechnung für die Jahre 1950 bis 1959. Frankfurt am Main: Deutsche Bundesbank.
8. _. 1994. Ergebnisse der gesamtwirtschaftlichen Finanzierungsrechnung für Westdeutschland 1960 bis 1992. Frankfurt am Main: Deutsche Bundesbank.
9. _. 1996. Ergebnisse der gesamtwirtschaftlichen Finanzierungsrechnung für Deutschland 1990 bis 1995. Statistische Sonderveroeffentlichung 4. Frankfurt am Main: Deutsche Bundesbank.
10. Diamond, Peter. 1965. National debt in a neoclassical growth model. American Economic Review 55:1126-50.
11. Eisner, Robert, and Paul J. Pieper. 1984. A new view of the federal debt and budget deficits. American Economic Review 74 (1): 11-29.
12. Evans, George W. 1991. Pitfalls in testing for explosive bubbles in asset prices. American Economic Review 81 (4): 922-30.
13. Flood, Robert P., and Peter M. Garber. 1980. Market fundamentals versus price level bubbles: The first tests. Journal of Political Economy 88:745-70.
14. Greene, William H. 1993. Econometric analysis. 2d ed. New York: Macmillan.
15. Greiner, Alfred, and Willi Semmler. 1998. Public debt, economic growth and sustainability of German fiscal policy. Working paper, University of Augsburg and University of Bilefeld.
16. Hamilton, James D. 1994. Time series analysis. Princeton, NJ: Princeton University Press.
17. Hamilton, James D., and Marjorie A. Flavin. 1986. On the limitations of government borrowing: A framework for empirical testing. American Economic Review 76 (4): 808-19.
18. Kremers, Jeroen M. 1989. U.S. federal indebtedness and the conduct of fiscal policy. Journal of Monetary Economics 23:219-38.
19. McCallum, Bennett T. 1984. Are bond-financed deficits inflationary? A Ricardian analysis. Journal of Political Economy 92 (1): 123-35.
20. OECD. 1973. Main economic indicators, 1955-1973. Paris: OECD.
21. Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Lage. 1995. Im Standortwettbewerb: Jahresgutachten 1995/96. Stuttgart, Germany: Metzler-Poeschel.
22. Semmler, Willi, and Malte Sieveking. 1998. Using vector field analysis for studying debt dynamics. Paper prepared for the 1998 North American Winter Meeting of the Econometric Society, Chicago, January 1998, mimeo, Dept. of Economics, University of Bielefeld.
23. Sidrauski, Miguel. 1967. Rational choice and patterns of growth in a monetary economy. American Economic Review, Papers and Proceedings 57:534-44.
24. Statistisches Bundesamt Wiesbaden. 1960. Staatsfinanzen, Fachserie L, Reihe 1. Stuttgart, Germany: Metzler-Poeschel.
25. _. 1985. Finanzen und Steuern, Fachserie 14, Reihe 3.1. Stuttgart, Germany: Metzler-Poeschel.
26. _. 1992. Finanzen und Steuern, Fachserie 14, Reihe 3.1. Stuttgart, Germany: Metzler-Poeschel.
27. _. 1994. Volkswirtschaftliche Gesamtrechnungen, Fachserie 17, Reihe 7. Stuttgart, Germany: Metzler-Poeschel.
28. _. 1995. Statistisches Jahrbuch für die Bundesrepublik Deutschland. Stuttgart, Germany: Metzler-Poeschel.
29. Trehan, Bharat, and Carl E. Walsh. 1991. Testing intertemporal budget constraints: Theory and applications to U.S. federal budget and current account deficits. Journal of Money, Credit, and Banking 23 (2): 206-23.
30. Wilcox, David W. 1989. The sustainability of government deficits: Implications of the present-value borrowing constraint. Journal of Money, Credit, and Banking 21 (3): 291-306.