메뉴 건너뛰기




Volumn 56, Issue 6, 2004, Pages 501-526

Is the US fiscal deficit sustainable? A fractional integrated approach

Author keywords

Fractional integration; Public expenditures; Public revenues

Indexed keywords


EID: 5144219859     PISSN: 01486195     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jeconbus.2004.05.001     Document Type: Article
Times cited : (33)

References (84)
  • 1
    • 24144466818 scopus 로고
    • Government budget defecit and trade deficits. Are present value constraints satisfied in long-term data?
    • Ahmed S. Rogers J.H. Government budget defecit and trade deficits. Are present value constraints satisfied in long-term data? Journal of Monetary Economics 36 1995 351-374
    • (1995) Journal of Monetary Economics , vol.36 , pp. 351-374
    • Ahmed, S.1    Rogers, J.H.2
  • 2
    • 0005901640 scopus 로고    scopus 로고
    • Fiscal solvency and fiscal forecasting in Europe
    • CEPR Discussion Paper
    • Artis, M.J., & Marcelino, M. (1998). Fiscal solvency and fiscal forecasting in Europe. CEPR Discussion Paper, 1836.
    • (1998) , pp. 1836
    • Artis, M.J.1    Marcelino, M.2
  • 3
    • 33749160547 scopus 로고
    • Fitting long memory models by generalized linear regressions
    • Beran J. Fitting long memory models by generalized linear regressions Biometrika 80 1993 817-822
    • (1993) Biometrika , vol.80 , pp. 817-822
    • Beran, J.1
  • 4
    • 0000208899 scopus 로고    scopus 로고
    • On unified model selection for stationary and nonstationary short- and long-memory autoregressive processes
    • Beran J. Bhansali R.J. Ocker D. On unified model selection for stationary and nonstationary short- and long-memory autoregressive processes Biometrika 85 1998 921-934
    • (1998) Biometrika , vol.85 , pp. 921-934
    • Beran, J.1    Bhansali, R.J.2    Ocker, D.3
  • 5
    • 33746463150 scopus 로고    scopus 로고
    • Testing for a change of the long memory parameter
    • Beran J. Terrin N. Testing for a change of the long memory parameter Biometrika 83 1996 627-638
    • (1996) Biometrika , vol.83 , pp. 627-638
    • Beran, J.1    Terrin, N.2
  • 6
    • 0015894045 scopus 로고
    • An exponential model in the spectrum of a scalar time series
    • Bloomfield P. An exponential model in the spectrum of a scalar time series Biometrika 60 1973 217-226
    • (1973) Biometrika , vol.60 , pp. 217-226
    • Bloomfield, P.1
  • 7
    • 21844489523 scopus 로고
    • The sustainability of budget deficits in a stochastic economy
    • Bohn H. The sustainability of budget deficits in a stochastic economy Journal of Money, Credit, and Banking 27 1995 257-271
    • (1995) Journal of Money, Credit, and Banking , vol.27 , pp. 257-271
    • Bohn, H.1
  • 8
    • 0039658649 scopus 로고    scopus 로고
    • The behavior of U.S. public debt and deficits
    • Bohn H. The behavior of U.S. public debt and deficits Quarterly Journal of Economics 113 1998 949-963
    • (1998) Quarterly Journal of Economics , vol.113 , pp. 949-963
    • Bohn, H.1
  • 9
    • 0032752492 scopus 로고    scopus 로고
    • Long memory and level shifts: Reanalyzing inflation rates
    • Bos C.S. Franses P.H. Ooms M. Long memory and level shifts: Reanalyzing inflation rates Empirical Economics 24 1999 427-449
    • (1999) Empirical Economics , vol.24 , pp. 427-449
    • Bos, C.S.1    Franses, P.H.2    Ooms, M.3
  • 11
    • 85185437038 scopus 로고    scopus 로고
    • Fractional cointegration and real exchange rates
    • Working paper, Humboldt Universität zv Berlin, Quantifikation und simulation Okonomischer Prozesse No. 00-69. in press
    • Caporale, G.M., & Gil-Alana, L.A. (2002). Fractional cointegration and real exchange rates. Working paper, Humboldt Universität zv Berlin, Quantifikation und simulation Okonomischer Prozesse No. 00-69. The Review of Financial Economics, in press.
    • (2002) The Review of Financial Economics
    • Caporale, G.M.1    Gil-Alana, L.A.2
  • 12
    • 0038969887 scopus 로고    scopus 로고
    • Long memory and aggregation in macroeconomic time series
    • Chambers M. Long memory and aggregation in macroeconomic time series International Economic Review 39 1998 1053-1072
    • (1998) International Economic Review , vol.39 , pp. 1053-1072
    • Chambers, M.1
  • 15
    • 5144227032 scopus 로고    scopus 로고
    • The U.S. federal intertemporal budget constraint: Restoring equilibrium through increased revenues or decreased spending?
    • Working Paper, University of Texas at Arlington
    • Crowder, W.J. (1997). The U.S. federal intertemporal budget constraint: Restoring equilibrium through increased revenues or decreased spending? Working Paper, University of Texas at Arlington.
    • (1997)
    • Crowder, W.J.1
  • 16
    • 21344443034 scopus 로고    scopus 로고
    • Optimal spectral bandwidth for long memory
    • Delgado M.A. Robinson P.M. Optimal spectral bandwidth for long memory Statistica Seneca 6 1996 97-112
    • (1996) Statistica Seneca , vol.6 , pp. 97-112
    • Delgado, M.A.1    Robinson, P.M.2
  • 17
    • 0000715504 scopus 로고
    • Are economic fluctuations really persistent? A reinterpretation of some empirical evidence
    • Demery D. Duck N.W. Are economic fluctuations really persistent? A reinterpretation of some empirical evidence The Economic Journal 102 1992 1094-1101
    • (1992) The Economic Journal , vol.102 , pp. 1094-1101
    • Demery, D.1    Duck, N.W.2
  • 18
    • 85036258669 scopus 로고
    • Distribution of the estimators for autoregressive time series with a unit root
    • Dickey D.A. Fuller W.A. Distribution of the estimators for autoregressive time series with a unit root Journal of the American Statistical Association 74 1979 427-431
    • (1979) Journal of the American Statistical Association , vol.74 , pp. 427-431
    • Dickey, D.A.1    Fuller, W.A.2
  • 20
    • 0032376684 scopus 로고    scopus 로고
    • Maximum-likelihood estimation of fractional cointegration with an application to U.S. and Canadian bond rates
    • Dueker M. Startz R. Maximum-likelihood estimation of fractional cointegration with an application to U.S. and Canadian bond rates Review of Economics and Statistics 80 1998 420-426
    • (1998) Review of Economics and Statistics , vol.80 , pp. 420-426
    • Dueker, M.1    Startz, R.2
  • 21
    • 0000013567 scopus 로고
    • Cointegration and error correction: Representation, estimation and testing
    • Engle R.F. Granger C.W.J. Cointegration and error correction: Representation, estimation and testing Econometrica 55 1987 251-276
    • (1987) Econometrica , vol.55 , pp. 251-276
    • Engle, R.F.1    Granger, C.W.J.2
  • 23
    • 84986759400 scopus 로고
    • The estimation and application of long memory time series models
    • Geweke J. Porter-Hudak S. The estimation and application of long memory time series models Journal of Time Series Analysis 4 1983 221-238
    • (1983) Journal of Time Series Analysis , vol.4 , pp. 221-238
    • Geweke, J.1    Porter-Hudak, S.2
  • 24
    • 0000453843 scopus 로고    scopus 로고
    • Testing fractional integration with monthly data
    • Gil-Alana L.A. Testing fractional integration with monthly data Economic Modelling 16 1999 613-629
    • (1999) Economic Modelling , vol.16 , pp. 613-629
    • Gil-Alana, L.A.1
  • 25
    • 0034367011 scopus 로고    scopus 로고
    • Mean reversion in the real exchange rates
    • Gil-Alana L.A. Mean reversion in the real exchange rates Economics Letters 16 2000 285-288
    • (2000) Economics Letters , vol.16 , pp. 285-288
    • Gil-Alana, L.A.1
  • 26
    • 0001519436 scopus 로고    scopus 로고
    • Testing stochastic cycles in macroeconomic time series
    • Gil-Alana L.A. Testing stochastic cycles in macroeconomic time series Journal of Time Series Analysis 22 2001a 411-430
    • (2001) Journal of Time Series Analysis , vol.22 , pp. 411-430
    • Gil-Alana, L.A.1
  • 27
    • 0035418607 scopus 로고    scopus 로고
    • An exponential spectral model for the UK unemployment
    • Gil-Alana L.A. An exponential spectral model for the UK unemployment Journal of Forecasting 20 2001b 329-340
    • (2001) Journal of Forecasting , vol.20 , pp. 329-340
    • Gil-Alana, L.A.1
  • 28
    • 0042572218 scopus 로고    scopus 로고
    • Testing of fractional cointegration in macroeconomic time series
    • Gil-Alana L.A. Testing of fractional cointegration in macroeconomic time series Oxford Bulletin of Economics and Statistics 65 2003 517-529
    • (2003) Oxford Bulletin of Economics and Statistics , vol.65 , pp. 517-529
    • Gil-Alana, L.A.1
  • 29
    • 30244432554 scopus 로고    scopus 로고
    • Testing of unit roots and other nonstationary hypotheses in macroeconomic time series
    • Gil-Alana L.A. Robinson P.M. Testing of unit roots and other nonstationary hypotheses in macroeconomic time series Journal of Econometrics 80 1997 241-268
    • (1997) Journal of Econometrics , vol.80 , pp. 241-268
    • Gil-Alana, L.A.1    Robinson, P.M.2
  • 30
    • 0035590025 scopus 로고    scopus 로고
    • Testing seasonal fractional integration in the UK and Japanese consumption and income
    • Gil-Alana L.A. Robinson P.M. Testing seasonal fractional integration in the UK and Japanese consumption and income Journal of Applied Econometrics 16 2001 95-114
    • (2001) Journal of Applied Econometrics , vol.16 , pp. 95-114
    • Gil-Alana, L.A.1    Robinson, P.M.2
  • 31
    • 0000743923 scopus 로고
    • Long memory relationships and the aggregation of dynamic models
    • Granger C.W.J. Long memory relationships and the aggregation of dynamic models Journal of Econometrics 14 1980 227-238
    • (1980) Journal of Econometrics , vol.14 , pp. 227-238
    • Granger, C.W.J.1
  • 32
    • 49149136839 scopus 로고
    • Some properties of time series data and their use in econometric model specification
    • Granger C.W.J. Some properties of time series data and their use in econometric model specification Journal of Econometrics 16 1981 121-130
    • (1981) Journal of Econometrics , vol.16 , pp. 121-130
    • Granger, C.W.J.1
  • 33
    • 0004016143 scopus 로고    scopus 로고
    • Occasional structural breaks and long memory
    • Discussion Paper 99-14, University of California, San Diego
    • Granger, C.W.J., & Hyung, N. (1999). Occasional structural breaks and long memory. Discussion Paper 99-14, University of California, San Diego.
    • (1999)
    • Granger, C.W.J.1    Hyung, N.2
  • 34
    • 84986792205 scopus 로고
    • An introduction to long memory time series and fractionally differencing
    • Granger C.W.J. Joyeux R. An introduction to long memory time series and fractionally differencing Journal of Time Series Analysis 1 1980 15-29
    • (1980) Journal of Time Series Analysis , vol.1 , pp. 15-29
    • Granger, C.W.J.1    Joyeux, R.2
  • 35
    • 0033422746 scopus 로고    scopus 로고
    • An inquiry into the sustainability of German fiscal policy: Some time series tests
    • Greiner A. Semmler W. An inquiry into the sustainability of German fiscal policy: Some time series tests Public Finance Review 272 1999 220-236
    • (1999) Public Finance Review , vol.272 , pp. 220-236
    • Greiner, A.1    Semmler, W.2
  • 36
    • 84977368332 scopus 로고
    • Is the budget deficit too large?
    • Hakkio C.S. Rush M. Is the budget deficit too large? Economic Inquiry 29 1991 429-445
    • (1991) Economic Inquiry , vol.29 , pp. 429-445
    • Hakkio, C.S.1    Rush, M.2
  • 37
    • 0000481916 scopus 로고
    • On the limitations of government borrowing: A framework for empirical testing
    • Hamilton J.D. Flavin M.A. On the limitations of government borrowing: A framework for empirical testing American Economic Review 76 1986 808-816
    • (1986) American Economic Review , vol.76 , pp. 808-816
    • Hamilton, J.D.1    Flavin, M.A.2
  • 39
    • 0002072992 scopus 로고
    • Cointegration and government borrowing constraints: Evidence for the United States
    • Haug A.A. Cointegration and government borrowing constraints: Evidence for the United States Journal of Business and Economic Statistics 9 1991 97-101
    • (1991) Journal of Business and Economic Statistics , vol.9 , pp. 97-101
    • Haug, A.A.1
  • 40
    • 84977382711 scopus 로고
    • Has federal budget deficit policy changed in recent years?
    • Haug A.A. Has federal budget deficit policy changed in recent years? Economic Inquiry 33 1992 104-118
    • (1992) Economic Inquiry , vol.33 , pp. 104-118
    • Haug, A.A.1
  • 41
    • 77956890381 scopus 로고
    • Fractional differencing
    • Hosking J.R.M. Fractional differencing Biometrika 68 1981 165-176
    • (1981) Biometrika , vol.68 , pp. 165-176
    • Hosking, J.R.M.1
  • 42
    • 0021638982 scopus 로고
    • Modelling persistence in hydrological time series using fractional differencing
    • Hosking J.R.M. Modelling persistence in hydrological time series using fractional differencing Water Resources Research 20 1984 1898-1908
    • (1984) Water Resources Research , vol.20 , pp. 1898-1908
    • Hosking, J.R.M.1
  • 43
    • 38249031222 scopus 로고
    • The long-run limits of U.S. federal debt
    • Kremers J.J. The long-run limits of U.S. federal debt Economics Letters 28 1988 259-262
    • (1988) Economics Letters , vol.28 , pp. 259-262
    • Kremers, J.J.1
  • 44
    • 38249025292 scopus 로고
    • U.S. federal indebtedness and the conduct of fiscal policy
    • Kremers J.J. U.S. federal indebtedness and the conduct of fiscal policy Journal of Monetary Economics 23 1989 219-238
    • (1989) Journal of Monetary Economics , vol.23 , pp. 219-238
    • Kremers, J.J.1
  • 45
    • 0000022808 scopus 로고
    • Trends random walk and persistence. An empirical study of disaggregated US industrial production
    • Krol R. Trends random walk and persistence. An empirical study of disaggregated US industrial production The Review of Economics and Statistics 74 1992 154-166
    • (1992) The Review of Economics and Statistics , vol.74 , pp. 154-166
    • Krol, R.1
  • 46
    • 0000845598 scopus 로고
    • Discrimination between monotonic trends and long-range dependence
    • Künsch H. Discrimination between monotonic trends and long-range dependence Journal of Applied Probability 23 1986 1025-1030
    • (1986) Journal of Applied Probability , vol.23 , pp. 1025-1030
    • Künsch, H.1
  • 47
    • 34247480179 scopus 로고
    • Testing the null hypothesis of stationarity against the alternative of a unit root: How sure are we that economic time series have a unit root?
    • Kwiatkowski D. Phillips P.C.B. Schmidt P. Shin Y. Testing the null hypothesis of stationarity against the alternative of a unit root: How sure are we that economic time series have a unit root? Journal of Econometrics 54 1992 159-178
    • (1992) Journal of Econometrics , vol.54 , pp. 159-178
    • Kwiatkowski, D.1    Phillips, P.C.B.2    Schmidt, P.3    Shin, Y.4
  • 49
    • 0142045435 scopus 로고    scopus 로고
    • Contemporaneous aggregation of linear dynamic models in large economies
    • Manuscript, Research Department, Bank of Italy
    • Lippi, M., & Zaffaroni, P. (1999). Contemporaneous aggregation of linear dynamic models in large economies, Manuscript, Research Department, Bank of Italy.
    • (1999)
    • Lippi, M.1    Zaffaroni, P.2
  • 50
    • 0008725023 scopus 로고    scopus 로고
    • A semiparametric two-step estimator for a multivariate long memory process
    • Lobato I.N. A semiparametric two-step estimator for a multivariate long memory process Journal of Econometrics 90 1999 129-153
    • (1999) Journal of Econometrics , vol.90 , pp. 129-153
    • Lobato, I.N.1
  • 52
    • 0034423084 scopus 로고    scopus 로고
    • U.S. Deficit sustainability: A new approach based on multiple endogenous breaks
    • Martin G.M. U.S. Deficit sustainability: A new approach based on multiple endogenous breaks Journal of Applied Econometrics 15 2000 83-105
    • (2000) Journal of Applied Econometrics , vol.15 , pp. 83-105
    • Martin, G.M.1
  • 53
    • 0347691244 scopus 로고    scopus 로고
    • Bayesian analysis of a fractional cointegration model
    • Martin G.M. Bayesian analysis of a fractional cointegration model Econometric Review 20 2001 217-235
    • (2001) Econometric Review , vol.20 , pp. 217-235
    • Martin, G.M.1
  • 54
    • 84990419318 scopus 로고
    • Infrequent permanent shocks and the unit root in quarterly UK output
    • Mill T.C. Infrequent permanent shocks and the unit root in quarterly UK output Bulletin of Economic Research 46 1994 91-94
    • (1994) Bulletin of Economic Research , vol.46 , pp. 91-94
    • Mill, T.C.1
  • 55
    • 5144224687 scopus 로고    scopus 로고
    • Nonstationarity nonlinearity. An outlook for new oportunities
    • Presented at the 2001 Econometric Socity Australasian Meeting, Rice University Working Paper, 2003-2005
    • Park, J. (2003). Nonstationarity nonlinearity. An outlook for new oportunities, presented at the 2001 Econometric Socity Australasian Meeting, Rice University Working Paper, 2003-2005.
    • (2003)
    • Park, J.1
  • 57
    • 0031430028 scopus 로고    scopus 로고
    • International evidence on the sustainability of budget deficits
    • Payne J.E. International evidence on the sustainability of budget deficits Applied Economics Letters 12 1997 775-779
    • (1997) Applied Economics Letters , vol.12 , pp. 775-779
    • Payne, J.E.1
  • 58
    • 0000899296 scopus 로고
    • The great crash, the oil price shock, and the unit root hypothesis
    • Perron P. The great crash, the oil price shock, and the unit root hypothesis Econometrica 57 1989 1361-1401
    • (1989) Econometrica , vol.57 , pp. 1361-1401
    • Perron, P.1
  • 59
    • 0000867368 scopus 로고
    • Trend, unit root and structural change in macroeconomic time series
    • B.B. Rao (Eds.). Basingstoke: MacMillan Press
    • Perron, P. (1994). Trend, unit root and structural change in macroeconomic time series. In B. B. Rao (Eds.). Cointegration for the applied economist. Basingstoke: MacMillan Press (pp. 113-146).
    • (1994) Cointegration for the Applied Economist , pp. 113-146
    • Perron, P.1
  • 60
    • 0000308535 scopus 로고
    • Time series regression with a unit root
    • Phillips P.C.B. Time series regression with a unit root Econometrica 55 1987 277-301
    • (1987) Econometrica , vol.55 , pp. 277-301
    • Phillips, P.C.B.1
  • 61
    • 77956888124 scopus 로고
    • Testing for a unit root in a time series regression
    • Phillips P.C.B. Perron P. Testing for a unit root in a time series regression Biometrika 75 1988 335-346
    • (1988) Biometrika , vol.75 , pp. 335-346
    • Phillips, P.C.B.1    Perron, P.2
  • 62
    • 21844519085 scopus 로고
    • Sustainability of the deficit process with structural shifts
    • Quintos C.E. Sustainability of the deficit process with structural shifts Journal of Business and Economic Statistics 13 1995 409-417
    • (1995) Journal of Business and Economic Statistics , vol.13 , pp. 409-417
    • Quintos, C.E.1
  • 63
    • 0000749707 scopus 로고
    • Statistical inference for a random coefficient autoregressive model
    • Robinson P.M. Statistical inference for a random coefficient autoregressive model Scandinavian Journal of Statistics 5 1978 163-168
    • (1978) Scandinavian Journal of Statistics , vol.5 , pp. 163-168
    • Robinson, P.M.1
  • 65
    • 21344487840 scopus 로고
    • Semiparametric analysis of long memory time series
    • Robinson P.M. Semiparametric analysis of long memory time series Annals of Statistics 22 1994b 515-539
    • (1994) Annals of Statistics , vol.22 , pp. 515-539
    • Robinson, P.M.1
  • 66
    • 21344446855 scopus 로고
    • Gaussian semiparametric estimation of long range dependence
    • Robinson P.M. Gaussian semiparametric estimation of long range dependence Annals of Statistics 23 1995a 1630-1661
    • (1995) Annals of Statistics , vol.23 , pp. 1630-1661
    • Robinson, P.M.1
  • 67
    • 0000668540 scopus 로고
    • Log-periodogram regression of time series with long range dependence
    • Robinson P.M. Log-periodogram regression of time series with long range dependence Annals of Statistics 23 1995b 1048-1072
    • (1995) Annals of Statistics , vol.23 , pp. 1048-1072
    • Robinson, P.M.1
  • 68
    • 0012662082 scopus 로고    scopus 로고
    • Bandwidth choice in Gaussian semiparametric estimation of long-range dependence
    • P.M. Robinson, & M. Rosenblatt (Eds.). New York
    • Robinson, P.M., & Henry, M. (1996). Bandwidth choice in Gaussian semiparametric estimation of long-range dependence. In P. M. Robinson, & M. Rosenblatt (Eds.). Athens Conference on Applied Probability in Time Series Analysis, Vol. II, New York (pp. 220-232).
    • (1996) Athens Conference on Applied Probability in Time Series Analysis , vol.2 , pp. 220-232
    • Robinson, P.M.1    Henry, M.2
  • 69
    • 0242693611 scopus 로고    scopus 로고
    • Root-N-consistent estimation of weak fractional cointegration
    • Preprint
    • Robinson, P.M., & Hualde, J. (2002). Root-N-consistent estimation of weak fractional cointegration, Preprint.
    • (2002)
    • Robinson, P.M.1    Hualde, J.2
  • 70
    • 0242667148 scopus 로고    scopus 로고
    • Cointegration in fractional systems with unknown integration orders
    • Robinson P.M. Hualde J. Cointegration in fractional systems with unknown integration orders Econometrica 71 2003 1717-1766
    • (2003) Econometrica , vol.71 , pp. 1717-1766
    • Robinson, P.M.1    Hualde, J.2
  • 71
    • 0242429979 scopus 로고    scopus 로고
    • Determination of cointegrating rank in fractional systems
    • Robinson P.M. Yajima Y. Determination of cointegrating rank in fractional systems Journal of Econometrics 106 2002 217-241
    • (2002) Journal of Econometrics , vol.106 , pp. 217-241
    • Robinson, P.M.1    Yajima, Y.2
  • 72
    • 19044371729 scopus 로고
    • Testing for unit roots in autoregressive moving average models of unknown orders
    • Said S.E. Dickey D.A. Testing for unit roots in autoregressive moving average models of unknown orders Biometrika 71 1984 599-604
    • (1984) Biometrika , vol.71 , pp. 599-604
    • Said, S.E.1    Dickey, D.A.2
  • 75
    • 0002814040 scopus 로고
    • Effects of model specification on tests for unit roots in macroeconomic data
    • Schwert G.W. Effects of model specification on tests for unit roots in macroeconomic data Journal of Monetary Economics 20 1987 73-103
    • (1987) Journal of Monetary Economics , vol.20 , pp. 73-103
    • Schwert, G.W.1
  • 76
    • 0000939110 scopus 로고
    • The random walk in the Canadian output
    • Serletis A. The random walk in the Canadian output Canadian Journal of Economics 25 1992 392-406
    • (1992) Canadian Journal of Economics , vol.25 , pp. 392-406
    • Serletis, A.1
  • 77
    • 84977315723 scopus 로고
    • Is the budget deficit "too large"? Some further evidence
    • Tanner E. Liu P. Is the budget deficit "too large"? Some further evidence Economic Inquiry 32 1994 511-518
    • (1994) Economic Inquiry , vol.32 , pp. 511-518
    • Tanner, E.1    Liu, P.2
  • 78
    • 45549114624 scopus 로고
    • Common trends, the government's budget constraint, and revenue smoothing
    • Trehan B. Walsh C.E. Common trends, the government's budget constraint, and revenue smoothing Journal of Economic Dynamics and Control 12 1988 425-444
    • (1988) Journal of Economic Dynamics and Control , vol.12 , pp. 425-444
    • Trehan, B.1    Walsh, C.E.2
  • 79
    • 0001231020 scopus 로고
    • Testing intertemporal budget constraints: Theory and applications to U.S. Federal Budget and Current Account Deficits
    • Trehan B. Walsh C.E. Testing intertemporal budget constraints: Theory and applications to U.S. Federal Budget and Current Account Deficits Journal of Money, Credit, and Banking 23 1991 206-223
    • (1991) Journal of Money, Credit, and Banking , vol.23 , pp. 206-223
    • Trehan, B.1    Walsh, C.E.2
  • 80
    • 0040468442 scopus 로고    scopus 로고
    • Debt and deficit ceilings, and sustainability of fiscal policies: An intertemporal analysis
    • CEPR Discussion Paper, 1612
    • Uctum, M., & Wickens, M. (1997). Debt and deficit ceilings, and sustainability of fiscal policies: An intertemporal analysis. CEPR Discussion Paper, 1612.
    • (1997)
    • Uctum, M.1    Wickens, M.2
  • 81
    • 0034373542 scopus 로고    scopus 로고
    • Non-Gaussian log-periodogram regression
    • Velasco C. Non-Gaussian log-periodogram regression Econometric Theory 16 2000 44-79
    • (2000) Econometric Theory , vol.16 , pp. 44-79
    • Velasco, C.1
  • 83
    • 0001449154 scopus 로고
    • The sustainability of government deficits: Implications of the present-value borrowing constraint
    • Wilcox D.W. The sustainability of government deficits: Implications of the present-value borrowing constraint Journal of Money, Credit and Banking 21 1989 291-306
    • (1989) Journal of Money, Credit and Banking , vol.21 , pp. 291-306
    • Wilcox, D.W.1
  • 84
    • 28444488750 scopus 로고
    • Further evidence of the great crash, the oil price shock and the unit root hypothesis
    • Zivot E. Andrews D.W.K. Further evidence of the great crash, the oil price shock and the unit root hypothesis Journal of Business and Economic Statistics 10 1992 251-270
    • (1992) Journal of Business and Economic Statistics , vol.10 , pp. 251-270
    • Zivot, E.1    Andrews, D.W.K.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.