期刊名称：Discussion Papers in Economics / Department of Economics, Royal Holloway
出版年度：2004
卷号：2004
出版社：University of London
摘要：In this paper 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.
关键词：taxes, government expenditure, intertemporal government budget
constraint, non-linear trend stationarity, non-linear co-trending.
