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Are Adjustments in the U.S. Budget Deficit Asymmetric? Another Look at Sustainability

机译:美国预算赤字调整是否不对称?再看可持续性

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摘要

This study examines the sustainability along with the structural stability of the U.S. federal budget deficit over the post World War Ⅱ period. Allowing for an endogenously determined structural break in 1982:1, tests of unit roots based on Perron's [1997] methodology suggest a stationary and sustainable budget deficit. Moreover, threshold autoregressive and momentum threshold autoregressive models do not detect asymmetries in the response of the budget deficit to deviations from its long-run trend.
机译:这项研究研究了第二次世界大战后美国联邦预算赤字的可持续性以及结构稳定性。考虑到1982年由内生决定的结构性断裂,基于Perron [1997]方法的单位根检验表明,预算赤字是稳定的和可持续的。此外,阈值自回归模型和动量阈值自回归模型在预算赤字对偏离其长期趋势的响应中未检测到不对称性。

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