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Correlated Disturbances and U.S. Business Cycles
Cúrdia, Vasco - 2010
The dynamic stochastic general equilibrium (DSGE) models that are used to study business cycles typically assume that exogenous disturbances are independent autoregressions of order one. This paper relaxes this tight and arbitrary restriction, by allowing for disturbances that have a rich...
Persistent link: https://www.econbiz.de/10013147368
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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/10013120316
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The U.S. Fiscal Problem : Where We are, How We Got Here and Where We're Going
Auerbach, Alan J. - 2011
This paper deals with several issues regarding the causes and implications of recent and projected U.S. federal budget deficits. It considers why deficits have remained so large in spite of deficit reduction efforts, evaluates the impact of the recent policies of the Clinton administration, and...
Persistent link: https://www.econbiz.de/10013125133
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Government Form and Public Spending : Theory and Evidence from U.S. Municipalities
Coate, Stephen - 2010
There are two main forms of government in U.S. cities: council-manager and mayor-council. This paper develops a theory … of fiscal policy determination under these two forms. The theory predicts that expected public spending will be lower … means that the theory is consistent with the co-existence of both government forms. Support for the former prediction is …
Persistent link: https://www.econbiz.de/10012757587
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A History of U.S. Debt Limits
Hall, George J. - 2015
Congress first imposed an aggregate debt limit in 1939 when it delegated decisions about designing US debt instruments to the Treasury. Before World War I, Congress designed each bond and specified a maximum amount of each bond that the Treasury could issue. It usually specified purposes for...
Persistent link: https://www.econbiz.de/10013010287
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Government Spending Multipliers in Good Times and in Bad : Evidence from U.S. Historical Data
Ramey, Valerie A. - 2014
This paper investigates whether U.S. government spending multipliers differ according to two potentially important features of the economy: (1) the amount of slack and (2) whether interest rates are near the zero lower bound. We shed light on these questions by analyzing new quarterly historical...
Persistent link: https://www.econbiz.de/10013043271
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Dynamics of Fiscal Financing in the United States
Leeper, Eric M.; Plante, Michael; Traum, Nora - 2021
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/10013225027
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Innovation in the U.S. Government
Bruce, Joshua R.; de Figueiredo, John M. - 2022
This paper examines the U.S. government’s intramural research and development efforts over a 40-year period, drawing together multiple human capital, government spending, and patent datasets. The U.S. Federal Government innovates along four dimensions: technological, organizational,...
Persistent link: https://www.econbiz.de/10013293708
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Does Fiscal Policy Matter? Blinder and Solow Revisited
Farmer, Roger E. A. - 2010
This paper uses the old-Keynesian representative agent model developed in Farmer (2010b) to answer two questions: 1) do increased government purchases crowd out private consumption? 2) do increased government purchases reduce unemployment? Farmer compared permanent tax financed expenditure paths...
Persistent link: https://www.econbiz.de/10013134828
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Choosing Size of Government Under Ambiguity : Infrastructure Spending and Income Taxation
Manski, Charles F. - 2012
Attempting to shed light on the optimal size of government, economists have analyzed planning problems that specify a set of feasible taxation-spending policies and a social welfare function. The analysis characterizes the optimal policy choice of a planner who knows the welfare achieved by each...
Persistent link: https://www.econbiz.de/10013104080