This paper uses the sequence of government budget constraints to motivate estimates of interest payments on the U …

In this paper, I review US federal budget rules and present some evidence on their possible effects. From an analysis … of how components of the federal budget behaved under the different budget regimes, it appears that the rules did have … fiscal discipline on the political process of budget determination. The federal government has operated under a series of …

deficits in the state's general fund. Balanced budget limitations may be either prospective or beginning …-of-the-year requirements or retrospective or end-of-the-year requirements. Using budget data from a panel of 47 U.S. states for the period 1970 …

This paper summarizes state balanced budget requirements, and the available empirical evidence on the effect of these … typically restricted to part of the state budget, they frequently permit short term borrowing, and they lack formal enforcement … fiscal deficits emerge. This suggests that changing the federal budget process has the potential to affect federal fiscal …

economic growth. This paper examines the roles of three other factors: primary budget surpluses, surprise inflation, and pegged … would have followed with primary budget balance and without the distortions in real interest rates caused by surprise …