We develop a method for identifying and quantifying the fiscal channels that help finance government spending shocks …. We define fiscal shocks as surprises in defense spending and show that they are more precisely identified when defense …% by an increase in primary surpluses. Additionally, we find that long-term debt is more effective at absorbing fiscal risk …

State and Local Finances under Pressure explores the future of state and local government fiscal systems given the …1. Introduction -- 2. The changing state-local fiscal environment : a 25 Year retrospective -- 3. Changing times …

We decompose fiscal policy in three components: i) responsiveness, ii) persistence and iii) discretion. Using a sample … of 132 countries, our results point out that fiscal policy tends to be more persistent than to respond to output … particular, while government size, country size and income have negative effects on the discretion component of fiscal policy …

This paper analyzes the different characteristics of fiscal policy using a two-step estimation procedure. First, we …. Second, we assess the determinants of these characteristics. Using data from 132 countries, our results show that fiscal … the short-run notably to curb spending behavior. In addition, countries characterized by greater fiscal persistence have …

We decompose fiscal policy in three components: i) responsiveness, ii) persistence and iii) discretion. Using a sample … of 132 countries, our results point out that fiscal policy tends to be more persistent than to respond to output … particular, while government size, country size and income have negative effects on the discretion component of fiscal policy …