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Assessing the sustainability of fiscal policies : empirical evidence from the Euro area and the United States
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Landolfo, Luigi (2008) Assessing the sustainability of fiscal policies : empirical evidence from the Euro area and the United States. Journal of Applied Economics, Volume 11 (Number 2). pp. 305-326. ISSN 1514-0326.
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Abstract
This paper provides a formal theoretical framework for analyzing the sustainability of fiscal policy based on the government intertemporal budget constraint, and derives conditions that determine whether a fiscal stance is sustainable in the medium and long term. In contrast to previous studies, it uses a log-linearization of the public debt identity and generalizes the results obtained in the literature by using a multivariate test. The analysis is applied to the fiscal position of the United States and the Euro Area. On the basis of infinite horizon-tests the broad conclusion is that both regions have a sustainable fiscal policy.
Item Type: | Journal Article | ||||
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Subjects: | H Social Sciences > HC Economic History and Conditions H Social Sciences > HJ Public Finance |
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Divisions: | Faculty of Social Sciences > Economics | ||||
Library of Congress Subject Headings (LCSH): | Fiscal policy -- United States, Fiscal policy -- European Union Countries | ||||
Journal or Publication Title: | Journal of Applied Economics | ||||
Publisher: | Universidad del CEMA | ||||
ISSN: | 1514-0326 | ||||
Official Date: | November 2008 | ||||
Dates: |
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Volume: | Volume 11 | ||||
Number: | Number 2 | ||||
Number of Pages: | 22 | ||||
Page Range: | pp. 305-326 | ||||
Status: | Not Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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