particular, state governments is procyclical, smoothing disposable income and consumption of state residents. This happens over … the cyclical amplitude of state level income movements; although they smooth the idiosyncratic component of shocks to …

-international flows of capital are now significantly sensitive to changes in income, and to expected changes in income, in different … changing levels of income, a shift from fixed to flexible exchange rates will have less effect in increasing the domestic …

We investigate channels of federally provided income insurance for U.S. States, finding that a major part of federal … unemployment benefits are dramatically more efficient in providing income insurance than any other fiscal institution. This finding … suggests that with an appropriately designed income insurance scheme it may be possible to achieve considerable risk sharing in …