International Evidence on the Tax- and Revenue-Smoothing Hypotheses

Apostolos Serletis and Richard G Schorn

Oxford Economic Papers, 1999, vol. 51, issue 2, 387-96

Abstract: This paper tests R. J. Barro's (1979) tax-smoothing hypothesis and N. G. Mankiw's (1987) revenue-smoothing hypothesis using quarterly data for four countries--Canada, France, the United Kingdom, and the United States. The tests are conducted using recent advances in the theory of integrated regressors, the single-equation approach (with the time series properties of the data imposed in estimation and hypothesis testing) as well as the multiequation VAR approach, which treats all variables as part of a joint process. There is considerable evidence for tax-smoothing (and inflation-smoothing) but none for revenue-smoothing. Copyright 1999 by Royal Economic Society.

Date: 1999
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