Control of public spending and revenues is increasingly being left to states and localities. In order to understand the consequences of such a movement on the distribution of social spending, it is necessary to understand how fiscal distress will affect state and local budgets. This paper...

Control of public spending and revenues is increasingly being left to states and localities. In order to understand the consequences of such a movement on the distribution of social spending, it is necessary to understand how fiscal distress will affect state and local budgets. This paper...

Understanding how transient fiscal distress affects the stability and distribution of local budgets is increasingly important as control of public spending and revenues becomes more decentralized. This paper exploits the large and unexpected shock to county budgets imposed by capital crime...