Punishment and Counter-punishment in Public Goods Games: Can we still govern ourselves?

Roberto Ricciuti ()
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Roberto Ricciuti: Department of Economics, Royal Holloway, University of London

No 04/06, Royal Holloway, University of London: Discussion Papers in Economics from Department of Economics, Royal Holloway University of London

Abstract: we characterise fiscal policy in terms of non-linear processes. We find that government spending and taxes can be described as being non-linear trend stationary processes instead of unit roots. A long run equilibrium relationship - a non-linear co-trend - does exist between the two series, fulfilling the intertemporal government budget constraint. We use Italian data spanning from 1861 to 1998.

Keywords: taxes; government expenditure; intertemporal government budget constraint; non-linear trend stationarity; non-linear co-trending (search for similar items in EconPapers)
JEL-codes: C22 C32 E62 H62 (search for similar items in EconPapers)
Pages: 34 pages
Date: 2004-04, Revised 2004-04
New Economics Papers: this item is included in nep-mac and nep-pbe
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