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| Tekijä: | Sims, C. |
| Otsikko: | Econometric implications of the government budget constraint |
| Lehti: | Journal of Econometrics
1998 : MAR-APR, VOL. 83:1-2, p. 9-20 |
| Asiasana: | ECONOMICS GOVERNMENT BUDGET |
| Kieli: | eng |
| Tiivistelmä: | Despite Christ's (1968) warnings, modern macroeconometric models for policy analysis still fail to treat the government budget constraint adequately. The author points out that the potential consequences of mistaken handling of the GBC become more severe as forward-looking behavior is incorporated in macroeconometric models. Furthermore, contrary to popular belief, careful treatment of the GBC is shown to be a matter of primary importance even in models of the short and medium term. |
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