Cointegration and Government Borrowing Constraints: Evidence for the United States
从现值借贷约束模型中推导出可检验的假设，利用蒙特卡洛方法计算单位根和协整检验的临界值，并运用协整技术检验美国联邦政府是否长期依赖债务融资，数据拒绝了这一假设。
Testable implications are derived in a present-value borrowing-constraint model for the U.S. federal government. Critical values for unit-root and cointegration tests are calculated with Monte Carlo studies. Cointegration techniques are employed to determine whether the government has been involved in perpetual debt financing in recent years. The data reject this assertion.