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We examine the effect of federal and subnational fiscal policy on aggregate demand in the U.S. by introducing the fiscal effect (FE) measure. FE can be decomposed into three components. Discretionary FE quantifies the effect of discretionary or legislated policy changes on aggregate demand....
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Der Arbeitskreis "Steuerschätzungen" hat in seiner aktuellen Prognose die Aufkommenserwartungen für die Jahre 2011 bis 2015 erheblich nach oben revidiert. Worauf sind die zu erwartenden Steuermehreinnahmen zurückzuführen? Eröffnen sie der Finanzpolitik neue Handlungsspielräume?
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The high degree of fiscal stress experienced by state governments in the 2001 and the 2007-2009 recessions has prompted renewed discussions of alternative approaches to stabilizing state finances over the business cycle. Prompted by evidence of increased state tax revenue cyclicality in the...
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