Empirical Studies in Public Finance and Financial Economics

这项研究涉及两个项目。 第一是调查 国家预算程序对资本和经营的影响 支出。 目的是研究是否水平的问题， 在高速公路、学校等基本建设项目上的公共支出。 受一些州使用的资本预算程序的影响 政府的 将对各州的支出数据进行统计分析 确定资本预算对资本支出水平和类型的影响， 公共资本投资。 另一个项目是在 金融经济学，旨在发现哪些因素可能 解释股票价格的变化。 传统理论与 模型不能充分解释为什么股票市场似乎 最近的股市暴跌证明了这一点。 向量自回归技术将用于分析价格 波动 将特别注意新闻的作用， 这种宣布的利率变化或贸易报告或 预算赤字，可能会影响市场波动。 联邦政府是否应该采用一个首都 预算一直是公共财政的一个长期问题， 近年来，由于人们对 不断恶化的基础设施和联邦预算赤字。 它 目前尚不清楚采用双重预算制度是否会 影响联邦支出的水平或模式。 这个项目应该 在这个问题上提供了一些线索。 股票价格波动性研究 可能会发现这种波动的新来源，并建议市场 可以减少波动，提高投资效率 资本

This study involves two projects. The first is to investigate the effects of state budgeting procedures on capital and operating expenditures. The object is to examine the issue of whether the level of public spending on capital projects such as highways, schools, etc. is influenced by capital budgeting procedures used by some state governments. Expenditure data by state will be analyzed statistically to determine the effect of capital budgeting on the level and type of public capital investments. The other project is in the area of financial economics and is aimed at discovering what factors may account for the variation of stock prices. Traditional theory and models do not adequately explain why the stock market seems to be becoming more volatile as evidenced by the recent stock market crash. Vector autoregression techniques will be used to analyze price volatility. Particular attention will be paid to the role that news, such announced changes in interest rates or the reporting of trade or budget deficits, may play in affecting market volatility. Whether or not the federal government should adopt the use of a capital budget has been a long standing issue in public finance, which in recent years has come to the forefront because of concerns over deteriorating infrastructure and over the federal budget deficit. It is not clear at all whether the adoption of a dual budget system would affect the level or pattern of federal spending. This project should shed some light on that issue. The research on stock price volatility may identify new sources of that volatility and suggest ways the market may be made less volatile and more efficient for raising investment capital.