We study whether fiscal restrictions affect volatilities and correlations of macrovariables and the probability of excessive debt for a sample of 48 US states. Fiscal constraints are characterized with a number of indicators and volatility and correlations are computed in several ways. The...

It is well known fact that all good things, as also bad things, come to an end and business cycles pass through good and bad economic times. Economically 2010 was a year of transition from economic recession to recovery. Economies were improving in some countries and industries were showing...

We study whether and how fiscal restrictions alter the business cycle features macrovariables for a sample of 48 US states. We also examine the 'typical' transmission properties of fiscal disturbances and the implied fiscal rules of states with different fiscal restrictions. Fiscal constraints...

We study whether and how fiscal restrictions alter the business cycle features of macrovariables for a sample of 48 US states. We also examine the ”typical” transmission properties of fiscal disturbances and the implied fiscal rules of states with different fiscal restrictions. Fiscal...

We study the effect of regional expenditure and revenue shocks on price differentials for 47 US states and 9 EU countries. We identify shocks using sign restrictions on the dynamics of deficits and output and construct two estimates for structural price differentials dynamics which optimally...

Hydraulic fracturing has been a game changer for the energy field, bringing to mind the “nothing in excess” carving at Delphi. Whether heeding ancient oracles or cutting-edge principles of calibration, I argue that dynamic governance innovation can facilitate climate-energy-water balancing...

The variation in a state-level measure of local economic-policy uncertainty during the 2007-2009 recession matches the cross-sectional distribution of unemployment outcomes in this period. This relationship is robust to numerous controls for other determinants of labor market outcomes. Using...

This paper investigates the assumption of homogeneous effects of federal tax changes across the U.S. states and identifies where and why that assumption may not be valid. More specifically, what determines the transmission mechanism of tax shocks at the state level? How vital are states' fiscal...

This paper provides evidence on the fiscal policy prociclicality of Argentina's subnational districts. I estimate an error correction model using a panel spanning 20 years (1998 – 2017) and all 24 districts. I find that fiscal policy of subnational jurisdictions is procyclical in all main...

This paper analyses the fiscal behavior of subnational districts in Argentina over the business cycle. I address two questions. Is the fiscal policy of Argentine districts procyclical? If so, what is the theory that best explains procyclicality? The answers come from the estima-tion of an error...