Surplus-debt regressions

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• 作者：Eric M. Leeper^a ; ^b ; ^{eleeper@indiana.edu} ; Bing Li^c ; ^{libing@sem.tsinghua.edu.cn}
• 关键词：C13 ; E62 ; E63 ; H63
• 刊名：Economics Letters
• 出版年：2017
• 出版时间：February 2017
• 年：2017
• 卷：151
• 期：Complete
• 页码：10-15
• 全文大小：1034 K
• 卷排序：151

文摘

Surplus–debt regressions are potentially subject to simultaneity bias. Bias stems from ignoring general equilibrium relationship between debt and surplus. The nature of the bias depends on the underlying monetary–fiscal policy regime. Bias can be serious enough to produce misleading inferences about fiscal behavior. Good estimate of fiscal behavior calls for estimation in general equilibrium setup.