VARs show that protectionism acts as a supply shock, causing output to fall and inflation to rise in the short run … binding constraints on monetary policy easing or in the presence of a fixed exchange rate. Our main conclusion is that, in all …

spending during periods of fiscal stress. The analysis focuses on the late 1980s, when sharp economic downturns in several … house and the governorship, the reaction to state deficits is much faster than when party control is divided. In …

necessary? Analysis of US state fiscal policies show state deficits (in particular from tax cuts) can stimulate state economies … in the short-run, but that there are significant job spillovers to neighboring states. Second, to internalize these …

capita retail sales, the extent of manufacturing, population growth, the share of women in the work force, housing values and … ownership, and per capita savings over the period 1940-1950. We find that in the longer term counties receiving more war … spending per capita during the war experienced extensive growth due to increases in population but not intensive growth, as the …

Current Population Survey and the Consumer Expenditure Survey. Next we grow these averages using an assumed growth rate in … receipts and expenditures by age and sex in that year to form that year's total projected state-specific receipts and … projection of the total U.S. population by age and sex in conjunction with the 1995 Census projections on state-specific age …

deficits in the state's general fund. Balanced budget limitations may be either prospective or beginning … effects on a state's general fund surplus. The surplus is accumulated through cuts in spending, not through tax increases. It … is saved in a state `rainy day' fund in anticipation of future general fund deficits. In contrast, prospective …

contemporaneous changes in resources? We design a test to determine which view of state and local spending is more consistent with the …

budgeting practices to compare capital spending in states that maintain separate budgets for capital and operating expenditures … and states that employ a unified budget It also investigates the impact of financing rules, in particular pay …

set of state budget data indicates that long run budgets are not altered by an item veto. In the short run, the item veto … revenues in a statistically significant and quantitatively important fashion. These results suggest that adoption of the line … item veto, in general, is unlikely to reduce the size of the federal government …

benefits. While state and local government pension obligations have been analyzed in great detail, much less attention has been … portion of the paper uses the information contained in the annual actuarial reports for public retiree health plans to reverse … engineer the cash flows underlying the liabilities given in the report. Obtaining the cash flows allows us to construct …