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Do Balanced Budget Rules Work? U.S. Experience and Possible Lessons for the EMU

Inman, Robert P. - 1996

The `Excessive Deficit Procedure' of the Maastricht Treaty on Economic and Monetary Union proposes two fiscal convergence conditions for entry and continued membership in the EMU: 1) a country's overall budget deficit for each fiscal year must be equal to or below 3% of GDP, and 2) a country's...

Persistent link: https://www.econbiz.de/10012472990

Balanced Budget Rules and Public Deficits : Evidence from the U.S. States

Bohn, Henning - 1996

Most states (Vermont is the exception) have a constitutional or statutory limitation restricting their ability to run 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...

Persistent link: https://www.econbiz.de/10012473323

Budget Institutions and Fiscal Policy in the U.S. States

Poterba, James M. - 1996

This paper summarizes state balanced budget requirements, and the available empirical evidence on the effect of these rules on state fiscal policies. Existing state rules differ from many current proposals at the federal level. They are typically restricted to part of the state budget, they...

Persistent link: https://www.econbiz.de/10012473413

The U.S. Fiscal Problem : Where We Are, How We Got Here and Where We're Going

Auerbach, Alan J. - 1994

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/10012474219

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/10012456872

Mergers, Deregulation and Cost Savings in the U.S. Rail Industry

Berndt, Ernst R. - 1991

The success of deregulation in creating a viable private rail freight system in the ?U.S. since 1979 is relatively … undisputed. Deregulation has proceeded in three ways: (i) eased rate setting restrictions; (ii) simplified merger applications … of deregulation on rail costs from those directly attributable to mergers and acquisitions. We employ a translog variable …

Persistent link: https://www.econbiz.de/10012475256

Vertical Arrangements, Market Structure, and Competition An Analysis of Restructured U.S. Electricity Markets

Bushnell, James B. - 2007

This paper examines vertical arrangements in electricity markets. Vertically integrated wholesalers, or those with long-term contracts, have less incentive to raise wholesale prices when retail prices are determined beforehand. For three restructured markets, we simulate prices that define...

Persistent link: https://www.econbiz.de/10012465139

Big Bad Banks? The Impact of U.S. Branch Deregulation on Income Distribution

Beck, Thorsten - 2007

timing of bank deregulation, we evaluate the impact of liberalizing intrastate branching restrictions on the distribution of … branching, which intensified bank competition and improved efficiency. Exploiting the cross-state, cross-time variation in the … income. We find that branch deregulation significantly reduced income inequality by boosting the incomes of lower income …

Persistent link: https://www.econbiz.de/10012465351

Do Markets Reduce Costs? Assessing the Impact of Regulatory Restructuring on U.S. Electric Generation Efficiency

Markiewicz, Kira - 2004

While neoclassical models assume static cost-minimization by firms, agency models suggest that firms may not minimize costs in less-competitive or regulated environments. We test this using a transition from cost-of-service regulation to market-oriented environments for many U.S. electric...

Persistent link: https://www.econbiz.de/10012467686

Deregulation, Consolidation, and Efficiency : Evidence from U.S. Nuclear Power

Davis, Lucas W. - 2011

markets. Deregulation has been accompanied by substantial market consolidation and today the three largest companies control … more than one-third of all U.S. nuclear capacity. We find that deregulation and consolidation are associated with a 10 …

Persistent link: https://www.econbiz.de/10012461317

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