| Autor: |
Syed, Ateeb Akhter Shah, Fatima, Kaneez, Arshad, Riffat |
| Rok vydání: |
2021 |
| Předmět: |
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| Druh dokumentu: |
Working Paper |
| Popis: |
The worries expressed by Alan Greenspan that the long run economic growth of the United States will fade away due to increasing burden of entitlements motivated us to empirically investigate the impact of entitlements of key macroeconomic variables. To examine this contemporary issue, we estimate a vector error-correction model is used to analyze the impact of entitlements on the price level, real output, and the long-term interest rate. The results show that a shock to entitlements leads to decrease in output and lends support to the assertion made by Alan Greenspan. Several robustness checks are conducted and the results of the model qualitatively remains unchanged. |
| Databáze: |
arXiv |
| Externí odkaz: |
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