Tax Smoothing with Stochastic Interest Rates: A Re-assessment of Clinton's Fiscal Legacy

The return to sound fiscal policy after the high budget deficits of the 1980s and early 1990s has been hailed by many as the Clinton administration's most important achievement. In this article, we evaluate post-war, US fiscal policy using an extension of Barro's (1979) tax-smoothing model, generalized to allow for stochastic variation in interest rates and growth rates. We show that the evolution of the US debt-GDP ratio has been remarkably consistent with the tax-smoothing paradigm, even during the 1980s. The only major departure occurred during the late 1990s, when the debt-GDP ratio fell more rapidly than predicted by optimal tax smoothing. Le retour vers une politique fiscale raisonnable après les déficits budgétaires élevés des années 1980 et du début des années 1990 a été acclamé par beaucoup comme la réalisation la plus importante de l'administration Clinton. Dans cet article, nous évaluons la politique fiscale des États-Unis d'après-guerre en utilisant une extension du modèle de lissage des impôts de Barro (1979), modèle généralisé pour permettre des variations stochastiques des taux d'intérêt et des taux de croissance. Nous montrons que l'évolution de ratio dette/PIB américain a été remarquablement conséquent avec le paradigme de lissage des impôts, même durant les années 1980. Le seul écart important a eu lieu durant la fin des années 1990, lorsque le ratio dette/PIB est tombé plus rapidement que ce qu'aurait prédit un lissage optimal des impôts.public debt, tax smoothing, stochastic discouting

A New Specific Property of Schweizer-Sklard Operators

A new specific property of Schweizer-Sklard operators is discovered that Schweizer-Sklard operations are continued fuzzy operators. The relation between Schweizer-Sklard operators and other Fuzzy operators is analysis. The conclusion that Schweizer-Sklard operations could partly replace other fuzzy operations most in use is given. At the same time the relation between Schweizer-Sklard operations and Zadeh operations as well as probability operators is given

Study on Linear Correlation Coefficient and Nonlinear Correlation Coefficient in Mathematical Statistics

In the two-dimensional or multidimensional experimental data in the traditional statistics, there is usually a linear relationship, or a similar linear relationship between independent variables and the dependent variable. Commonly the linear correlation coefficient is used to measure the degree of linear between the independent variables and the dependent variable. However, for the two-dimensional or multidimensional experimental data, there may be a simple linear relationship between independent variables and the dependent variable, or a simple non-linear relationship, or both linear and non-linear relationship. Article [1] found that the traditional correlation coefficient (linear correlation coefficient) r is only suitable for simple linear relationship. On the basis of article [1], this article discusses the linear correlation coefficient r, analyzes nonlinear correlation coefficient rnl, and gives a new definition of the correlation coefficient R. The new correlation coefficient R can not only describe the case of a simple linear relationship, but also describe the case of a simple nonlinear relationship and the case of both simple linear relationship and nonlinear relationship. That is to say, the new correlation coefficient R can describe the internal law of any experimental data

Relation Equations in the Set of Finite Natural Numbers and Its Strunk of Solutions

Definition of relation equations Quv◦Xvw=Suw in the set of finite natural numbers is given. Based on the discovery of the maximum solution of relation equations Quv◦Xvw=Suw in the set of finite natural numbers, the strunk of solutions of relation equations Quv◦Xvw=Suw in the set of finite natural numbers is provided

The Membership Relation in Fuzzy Operators

Firstly the membership relation in fuzzy operators located outside Zadeh operators be discussed and given. Secondly the membership relation in fuzzy operators located within Zadeh operators be discussed and given

The Statistical Analysis of the Influence of Chinese Mathematical Journals Cited by Journal Citation Reports

According to journal citation report published by ISI, the article systematically analyses the basic indexes of eight Chinese mathematical journals, including the impact factor, article, total cites, immediacy index, eigenfactor score and article influence score. Then compares them with the indexes of the top 8 mathematical journals from JCR to find the gap and the way of improving

To use wild resources properly: a lesson from two species of human coronaviruses

The global pandemic of COVID-19, a disease caused by a severe acute respiratory syndrome-related coronavirus (SARSr-CoV), is responsible for over a hundred million confirmed cases and more than two hundred deaths worldwide. Accumulating evidence indicates correlations between the abuse of wild resources and the outbreaks. To reduce the risks of getting infected with human coronaviruses (HCoVs), brief introductions to HCoVs were made, the hosts of them are listed, the probable transmission routes of the SARSr-CoVs and MERS-CoVs are analyzed, and the recommendation that we use wild resources properly was put forward