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The recent slowdown in the U.S. economy has led to state and local government tax increases and expenditure cuts that have lowered aggregate demand, in contrast to earlier downturns when the sector provided significant automatic stabilizers. Several explanations for this change are examined,...
Persistent link: https://www.econbiz.de/10014397852
The paper provides evidence that fiscal rules can limit the political budget cycle. It focuses on the application of the Italian fiscal rule at the sub-national level over the period 2004-2006 and shows that: 1) municipalities are subject to political budget cycles in capital spending; 2) the...
Persistent link: https://www.econbiz.de/10011716447
The paper discusses the fiscal impact of the Great Recession of 2007-08 on state and local governments in the United States. It documents the sharp decline in tax revenue and discusses how states responded to close the budget gaps in order to obey the balanced budget provisions. It highligts the...
Persistent link: https://www.econbiz.de/10014395732
Persistent link: https://www.econbiz.de/10009620978
A key question for U.S. policymakers is whether the recent strength in federal revenue is likely to continue. This question is addressed through an econometric analysis of the determinants of tax revenue, using time series that are adjusted for tax policy changes. The results suggest that growth...
Persistent link: https://www.econbiz.de/10014400332
decomposed into differences in the magnitude of transfers (fiscal effort) and in the progressivity of transfers (fiscal … progressivity). Fiscal progressivity is further decomposed into differences in the distribution of transfers across income groups …
Persistent link: https://www.econbiz.de/10012009467
There is a growing debate on the relative merits of universal and targeted social assistance transfers in achieving … incentive, administrative, social and political costs. The appropriate balance between targeted and universal transfers will …
Persistent link: https://www.econbiz.de/10012252049
We assess the extent to which fiscal transfers smooth regional shocks in three large federations: the U.S., Canada, and … Australia. We find that fiscal transfers offset 4-11 percent of idiosyncratic shocks (risk-sharing) and 13-24 percent of … budget primarily through federal taxes and transfers to individuals, rather than transfers from the central government to …
Persistent link: https://www.econbiz.de/10011711804
China weathered the global financial crisis better than most, thanks to a large and timely stimulus. This stimulus, however, was mainly in the form of off-budget infrastructure spending and thus not visible in the headline fiscal data. We construct a time series for the augmented fiscal deficit...
Persistent link: https://www.econbiz.de/10014394346
Persistent link: https://www.econbiz.de/10010389479