This paper presents an analysis of the uncertainty in projections of the federal budget balance arising due to uncertainty in economic, and government revenue and spending projections. Budget projections frequently differ from actual results due to an unavoidable level of uncertainty contained...

Michael J. Brogan's Modern Budget Forecasting in the American States: Precision, Uncertainty, and Politics examines government budgeting through the analysis of budget forecast errors. This book is innovative in its ability to connect the technical aspects of budgeting with the politics of the...

As the Michigan Legislature's budget deadline neared in the summer of 2007 without any hint of an impending deal to cope with the immediate budget deficit or the long term 'structural deficit', many politicians began pointing fingers. However, instead of blaming the usual suspects' party leaders...

Public investment in infrastructure and the like do not usually yield direct pecuniary returns to the public exchequer. Instead public capital leads to increases in factor productivity in the private economy. This paper argues that government typically shares in the latter gains via the...