U.S. Federal Budget Deficits: An Exploratory Empirical Note on Determining Factors during the Carter and Reagan Administrations

Richard Cebula () and James V. Kock ()
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James V. Kock: Old Dominion University, Postal: Norfolk, VA 23529 USA, http://www.odu.edu/
Authors registered in the RePEc Author Service: James V. Koch

Economia Internazionale / International Economics, 1999, vol. 52, issue 3, 309-315

Abstract: This study empirically finds that the U.S. federal budget deficit during the years of the Carter and Reagan Administrations was an increasing function of the unemployment rate, the nominal 20-year Treasury bond interest rate yield, and federal government purchases of goods and services and a decreasing function of the maximum marginal federal personal income tax rate. Among other things, the results suggest, given the findings of previous studies, the possibility of a bi-directional relationship between budget deficits and long-term nominal interest rates.

JEL-codes: E62 (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:ris:ecoint:0268

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