Government Expenditures and Revenues: Evidence from Asymmetric Modeling
Government Expenditures and Revenues: Evidence from Asymmetric Modeling
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政府支出和收入：来自非对称模型的证据
DOI：
10.2307/20111882
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发表时间：
2006
期刊：
影响因子：
--
通讯作者：
Omar M. Al
中科院分区：
文献类型：
--
作者：
B. Ewing;J. Payne;M. A. Thompson;Omar M. Al
在本文中，我们研究了美国联邦收入和支出之间的关系，同时放宽了传统协整和误差修正模型的对称调整过程的假设。阈值自回归和动量阈值自回归模型用于确定预算过程中两个变量之间的经验联系。我们的研究结果表明，收入和支出是协整的，预算非均衡的调整过程是不对称的。非对称误差修正模型的应用表明，只有当预算恶化时，收入和支出才对预算平衡的长期要求作出反应。
In this article, we examine the relationship between U.S. federal revenues and expenditures while relaxing the assumption of a symmetric adjustment process underlying the conventional cointegration and error correction model. Threshold autoregression and momentum threshold autoregression models are used to ascertain the empirical link between the two variables of the budgetary process. Our results suggest that revenues and expenditures are cointegrated and that the adjustment process of the budgetary disequilibrium is asymmetric. The application of the asymmetric error correction model indicates that revenues and expenditures respond to the long-run requirements of the budgetary balance only when the budget is worsening.