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Macroeconomic and Welfare Costs of U.S. Fiscal Imbalances
Gruss, Bertrand - 2012
In this paper we use a general equilibrium model with heterogeneous agents to assess the macroeconomic and welfare consequences in the United States of alternative fiscal policies over the medium-term. We find that failing to address the fiscal imbalances associated with current federal fiscal...
Persistent link: https://www.econbiz.de/10014396892
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Partisanship and Fiscal Policy in Economic Unions : Evidence from U.S. States
Carlino, Gerald A.; Drautzburg, Thorsten; Inman, Robert P. - National Bureau of Economic Research - 2021
Partisanship of state level politicians affect the impact of federal fiscal policy in the U.S. Using data from close gubernatorial elections, we find partisan differences in the marginal propensity to spend federal transfers since the early 1980's: Republican governors spend less. A New...
Persistent link: https://www.econbiz.de/10012482641
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Estimating the Net Fiscal Cost of a Child Tax Credit Expansion
Goldin, Jacob; Maag, Elaine; Michelmore, Katherine - National Bureau of Economic Research - 2021
Recent proposals to expand the Child Tax Credit (CTC) are at the center of current policy discussions in the United States. We study the fiscal cost of three such proposals that would expand refundability of the credit to low-income children, increase the maximum credit amount, and/or eliminate...
Persistent link: https://www.econbiz.de/10012660020
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On the ease of overstating the fiscal stimulus in the US, 2008-9
Aizenman, Joshua - 2010
This note shows that the aggregate fiscal expenditure stimulus in the United States, properly adjusted for the declining fiscal expenditure of the fifty states, was close to zero in 2009. While the Federal government stimulus prevented a net decline in aggregate fiscal expenditure, it did not...
Persistent link: https://www.econbiz.de/10012462868
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Dynamics of Fiscal Financing in the United States
Leeper, Eric M. - 2009
Dynamic stochastic general equilibrium models that include policy rules for government spending, lump-sum transfers, and distortionary taxation on labor and capital income and on consumption expenditures are fit to U.S. data under a variety of specifications of fiscal policy rules. We obtain...
Persistent link: https://www.econbiz.de/10012463489
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Fiscal Stimulus in a Monetary Union : Evidence from U.S. Regions
Nakamura, Emi - 2011
We use rich historical data on military procurement spending across U.S. regions to estimate the effects of government spending in a monetary union. Aggregate military build-ups and draw- downs have differential effects across regions. We use this variation to estimate an "open economy relative...
Persistent link: https://www.econbiz.de/10012461267
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Do Government Spending Multipliers Depend on the Sign of the Shock?
Ben Zeev, Nadav; Ramey, Valerie A.; Zubairy, Sarah - National Bureau of Economic Research - 2023
We analyze whether government spending multipliers differ by the sign of the shock. Using aggregate historical U.S. data, we apply Ben Zeev's (2020) nonlinear diagnostic tests and find evidence of nonlinearities in the impulse response functions of both government spending and GDP. We then...
Persistent link: https://www.econbiz.de/10014247936
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Was Pandemic Fiscal Relief Effective Fiscal Stimulus? Evidence from Aid to State and Local Governments
Clemens, Jeffrey; Hoxie, Philip G.; Veuger, Stan - National Bureau of Economic Research - 2022
We use an instrumental-variables estimator reliant on variation in congressional representation to analyze the effects of federal aid to state and local governments across all four major pieces of COVID-19 response legislation. Through September 2021, we estimate that the federal government...
Persistent link: https://www.econbiz.de/10013334387
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The political economy of fiscal transparency and independent fiscal councils
Beetsma, Roel; Debrun, Xavier; Sloof, Randolph - 2017
IFC as the debt bias would shrink. However, when other considerations eclipse competence and give the incumbent a strong … electoral advantage or disadvantage, setting up an IFC may be counterproductive as the debt bias would increase. If the … bias if voters care sufficiently about policymakers' competence; (ii) not all political environments are conducive to the …
Persistent link: https://www.econbiz.de/10011799662
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Fiscal Rules and Discretion in a World Economy
Halac, Marina - 2015
uncoordinated rules. If governments' present bias is small, coordinated rules are tighter than uncoordinated rules: individual … countries do not internalize the redistributive effect of interest rates. However, if the bias is large, coordinated rules are …
Persistent link: https://www.econbiz.de/10012457176