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Econometric Analysis of Fiscal Policy Budget Constraints in Endogenous Growth Models

Author

Listed:
  • Yoshihiko Tsukuda

    (Tohoku University)

  • Tatsuyoshi Miyakoshi

    (Osaka University)

Abstract

Kneller et al. (1999) examined the predictions of the public-policy endogenous growth models of Barro (1990) and others that suggest that unlike distortionary taxation and productive expenditures, nondistortionary taxation and nonproductive expenditures have no direct effect on the rate of growth. This paper provides an econometric theory with their empirical methodology and applies to work by Kneller et al. (1999) as a numerical example to show how the econometric theory works in practice. This paper also confirms from the viewpoint of econometric analysis that their study supports the Barro (1990)'s predictions.

Suggested Citation

  • Yoshihiko Tsukuda & Tatsuyoshi Miyakoshi, 2010. "Econometric Analysis of Fiscal Policy Budget Constraints in Endogenous Growth Models," Economics Bulletin, AccessEcon, vol. 30(4), pages 2884-2894.
    • Handle: RePEc:ebl:ecbull:eb-10-00313
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    More about this item

    Keywords

    Fiscal budget constraint; multicollinearity; omitted variables; econometrics;
    All these keywords.

    JEL classification:

    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
    • H5 - Public Economics - - National Government Expenditures and Related Policies

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