AN ECONOMETRIC MODEL OF UNITED STATES GOVERNMENT REVENUES AND EXPENDITURES,
GEORGE WASHINGTON UNIV WASHINGTON D C LOGISTICS RESEARCH PROJECT
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This dissertation describes an econometric model of the U.S. economy with particular emphasis on the government sectors. Annual data covering the period 1947-65 were used to estimate the model. The model contains 167 estimated relations, many of which were tested for structural stability. The model begins with an aggregate consumption function based on the life-cycle hypothesis. This relation determines the sum of personal consumption expenditures and total state and local purchases of goods and services. Two additional relations then determine personal consumption expenditures and total state and local purchases. The personal consumption sector is composed of 23 separate goods and services. Demand relations were estimated for each of these categories. These estimates comprise a complete set of demand relations. Demand for state and local goods and services are given in terms of prices and total state and local receipts. Supply relations for all goods and services, both public and private, are also estimated. The demand for plant and equipment investment is derived from the neoclassical theory of investment. The income sectors of the model provide the accounting structure for tax receipts and transfer payments, along with relations determining wages and salaries, interest, dividend, rental, and proprietary income.
- Economics and Cost Analysis
- Numerical Mathematics