What are the cyclical properties of U.S. state and local government fiscal policy? The budget surplus of local and, in particular, state governments is procyclical, smoothing disposable income and consumption of state residents. This happens over both short- and medium-term horizons. Procyclical...

Opinion polls show a big gap between the public's desire for services and its willingness to pay for those services

Persistent budget shortfalls have created subtle spending shifts and a kitchen-sink mentality to close budget gaps without cutting services

State and local government spending has steadily increased across the district, and states have unique spending priorities

During the Civil War the Arkansas legislature funded their expenditures primarily through interest-bearing warrants and war bonds. After these issues were made legal tender in November 1861, the discount attributed to them disappeared immediately and they began to circulate widely. In mid-1862...