Testing Intertemporal Budget Constraints: Theory and Applications to U. S. Federal Budget and Current Account Deficits
扩展了跨期预算平衡的检验方法，允许更广泛的赤字过程，并推导出在预期贴现率严格为正时确保预算平衡的可检验条件。应用于美国联邦预算和外国人持有美国资产的数据，发现两者均符合跨期预算平衡。
This paper extends previous tests of intertemporal budget balance and present value relationships by expanding the set of allowable deficit processes and by deriving a testable condition that is sufficient to ensure intertemporal budget balance as long as the expected discount rate is strictly positive. Using these tests, the authors find that both the postwar federal budget deficit process and the process governing accumulation of U.S. assets by foreigners are consistent with intertemporal budget balance. Copyright 1991 by Ohio State University Press.