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Taxing, Spending, and the Budget Process: The Role of Budget Regimes in the Intertemporal Budget Constraint

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  • Wm. Stewart Mounts
  • Jr.
  • Clifford Sowell

Abstract

Two strains of literature have come out of the research addressing the size and duration of the United States federal government budget deficit. The first, focusing on budget control, deals with causality issues between expenditures and revenues. The second addresses the sustainability of the budget deficit. Here, one finds the rational expectations view of debt management. The empirical work in these two areas, however, offers many conflicting results. This paper addresses this confusion by searching for changes in the budget regime. For various reasons the Congressional Budget and Impoundment Control Act of 1974 is the principal point of focus of this empirical investigation. Indirectly, this paper offers a useful framework in which to understand the impact of changes in internal fiscal policies and budget rules that may be required of the countries participating in European economic union.

Suggested Citation

  • Wm. Stewart Mounts & Jr. & Clifford Sowell, 1997. "Taxing, Spending, and the Budget Process: The Role of Budget Regimes in the Intertemporal Budget Constraint," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 133(III), pages 421-440, September.
    • Handle: RePEc:ses:arsjes:1997-iii-7
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    Cited by:

    1. Manuchehr Irandoust, 2018. "Government spending and revenues in Sweden 1722–2011: evidence from hidden cointegration," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 45(3), pages 543-557, August.
    2. Bradley T. Ewing & James E. Payne & Mark A. Thompson & Omar M. Al‐Zoubi, 2006. "Government Expenditures and Revenues: Evidence from Asymmetric Modeling," Southern Economic Journal, John Wiley & Sons, vol. 73(1), pages 190-200, July.
    3. Trachanas, Emmanouil & Katrakilidis, Constantinos, 2013. "Fiscal deficits under financial pressure and insolvency: Evidence for Italy, Greece and Spain," Journal of Policy Modeling, Elsevier, vol. 35(5), pages 730-749.
    4. Athanasios Athanasenas & Constantinos Katrakilidis & Emmanouil Trachanas, 2014. "Government spending and revenues in the Greek economy: evidence from nonlinear cointegration," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 41(2), pages 365-376, May.

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