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Observed fiscal policy varies greatly across time and countries. How can we explain this variation across time and countries? This paper surveys the recent literature that has tried to answer this question. We adopt a unified approach in portraying public policy as the equilibrium outcome of an...
Persistent link: https://www.econbiz.de/10012471701
In recent years, the renewed strength of immigration to the United States has sparked a debate about the economic effects of immigration. A central issue in this debate has been the fiscal impact of immigrants. Most research in this area has adopted a static, cross-section approach in assessing...
Persistent link: https://www.econbiz.de/10012471759
We use discounted cash flow analysis to measure a country's fiscal capacity. Crucially, the discount rate applied to projected cash flows includes a GDP risk premium. We apply our valuation method to the CBO's projections for the U.S. federal government's deficit between 2022 and 2051 and debt...
Persistent link: https://www.econbiz.de/10013190996
We study a fiscal policy model in which the government is present-biased towards public spending. Society chooses a fiscal rule to trade off the benefit of committing the government to not overspend against the benefit of granting it flexibility to react to privately observed shocks to the value...
Persistent link: https://www.econbiz.de/10012479419
We study the causes and consequences of patronage in Brazilian cities since the country's re-democratization. We test key mechanisms - fiscal rules, accountability, political ideology, and rent-seeking - and estimate the consequences of patronage for public finances. Our data consist of the...
Persistent link: https://www.econbiz.de/10012479457
Since 1980, over 2,000 local governments in US Atlantic and Gulf states have been hit by a hurricane. Such natural disasters can exert severe budgetary pressure on local governments' ability to provide critical infrastructure, goods, and services. We study local government revenue, expenditure,...
Persistent link: https://www.econbiz.de/10012482269
We explore the role of government in the nexus of finance and trade starting from the earliest days of organised … finance in England and then broadening the analysis to 84 countries from 1960 to 2004. For 18th century England, we find that …
Persistent link: https://www.econbiz.de/10012462195
We develop a method for identifying and quantifying the fiscal channels that help finance government spending shocks …
Persistent link: https://www.econbiz.de/10012462199
The 2007-2010 recession has imposed significant fiscal hardships on state and local governments. The result has been state deficits and the need to increase state taxes, cut spending, and withdraw funds from state rainy day accounts. The primary cause of state budget "gaps" has been the rise in...
Persistent link: https://www.econbiz.de/10012462569
government. Finally, the recommendations of the 13th Finance Commission regarding a roadmap for fiscal consolidation are examined …
Persistent link: https://www.econbiz.de/10012462717