Purpose – The purpose of this paper is to examine empirical characteristics of two commonly mentioned expressions of international financial crisis, “sudden stops” and currency crises. Design/methodology/approach – Sudden stop and currency crisis events are identified and empirical...

Abstract This paper studies the issue of price stability in a continuous time optimizing general equilibrium model with overlapping generations. It is shown that fiscal policy has effects on nominal variables. Fiscal expansions are inflationary even when the government intertemporal budget...

Abstract The paper analyzes the question why the U.S. economy in the 2000:4--2004:3 period was sluggish in light of the large expansionary fiscal and monetary policies that took place. The answer does not appear to be that there were large structural changes in the economy or systematic bad...

Abstract The worldwide growth slowdown after 1975 was a major negative fiscal shock; lower growth lowers the present value of tax revenues and primary surpluses and thus makes a given level of debt more burdensome. Most countries failed to adjust to the negative fiscal consequences of the growth...

Abstract The decision to invest in human capital is introduced into a home production economy with fiscal policy distortions where balanced growth is achieved through Harrod-neutral, labor-augmenting technology spillovers into home production. In comparison with home production economies that...

Through direct democracy, California voters pass local and state initiative measures, assuming the role of the legislature and many times mandating how government should act or spend funds. But are voters really getting what they want through the initiative process? Initiatives known as...

This report examines Idaho state budgeting during 2009 and 2010. After first describing Idaho’s people, politics, and budgeting process, it discusses the economic and General Fund revenue situations facing the state. The paper considers adjustments for FY 2010 proposed by Governor Otter and...

This report examines how Utah’s budget is surviving the “Great Recession.” Was the crisis “wasted” or was it used and, if used, for whose benefit? The report considers criteria by which a state is judged to be fiscally responsible, particularly in a time of economic and fiscal stress. It...

The budget and taxes dominated Washington’s 2010 legislative agenda. The Democrat-led legislature had to close a $2.8 billion shortfall for the 2009-2011 biennium. Unable to resolve debate on a mixture of program cuts and revenue enhancements, the legislature concluded its 60-day regular...

Wyoming’s twenty-day biennial budget session convened on February 8th, 2010, and on March 5th, 2010, Governor Freudenthal signed into law a $2.9 billion state budget for fiscal years 2011 and 2012. According to the Casper Star Tribune, the “compromise budget sailed through both houses of the...