000			02058nab a2200301 c 4500
999			_c143448 _d143448
003			ES-MaIEF
005			20210127130310.0
007			ta
008			210127t2020 gw ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100	1		_968675 _aVides, José Carlos
245			_aU.S. budget deficit sustainability revisited _blong run, persistence, and common trend _c José Carlos Vides, Antonio A. Golpe, Jesús Iglesias
260			_c2020
500			_aDisponible también en formato electrónico.
500			_aResumen.
504			_aBibliografía.
520			_aThe U.S. budget deficit is examined on the basis of the intertemporal budget constraint (IBC) by applying a fractional cointegration approach. Thus, the main contribution of this paper is the elaboration of new conditions, depending on the persistence of the error term, for the degree of fiscal sustainability, which allow the investigation of different sizes of the budget deficit; this is a new empirical approach in the literature. Furthermore, although a unitary long-run relationship between income and expenses is interpreted under the IBC as strong sustainability, the fractional cointegration prism checks the duration of shocks that might affect in different ways the controllability of the fiscal policy. Additionally, we have found that expenditures and revenues are permanent components in the common trend, i.e., both variables are basic in the design of the U.S. budget.
650		4	_940318 _aPOLITICA FISCAL
650		4	_941783 _aDEFICIT PUBLICO
650		4	_965441 _aSOSTENIBILIDAD FISCAL
650		4	_950224 _aDESARROLLO ECONOMICO
650		4	_925831 _aESTADOS UNIDOS
700	1		_968676 _aGolpe, Antonio A.
700	1		_968677 _aIglesias Garrido, Jesús
773	0		_9164088 _oOP 207/2020/4 _tFinanzArchiv _w(IEF)21244 _x 0015-2218 _gv. 76, n. 4, December 2020, p. 370-395
856			_uhttps://www.mohrsiebeck.com/en/article/us-budget-deficit-sustainability-revisited-long-run-persistence-and-common-trend-101628fa-2020-0013?no_cache=1
942			_cART