Yoon, Gawon - In: Economics Letters 115 (2012) 1, pp. 1-3
We show, in this study, that the U.S. public debt–GDP ratio was explosive in nature during the 1791–2009 sample period. The huge increase in U.S. debt during World War II is responsible for this result. Our findings differ profoundly from those generated by the standard unit root tests,...
