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Author: Douglas Holtz-Eakin
Publisher:
ISBN:
Category : Expenditures, Public
Languages : en
Pages : 23
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Book Description
Do state and local governments smooth their consumption spending across years, or is their spending driven mainly by contemporaneous changes in resources? We design a test to determine which view of state and local spending is more consistent with the data. We find that state and local spending is determined primarily by current (as opposed to permanent) resources. That is, despite their apparent ability to skirt balanced budget laws, states and localities do not typically smooth their expenditures over time.
Author: Douglas Holtz-Eakin
Publisher:
ISBN:
Category : Expenditures, Public
Languages : en
Pages : 23
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Book Description
Do state and local governments smooth their consumption spending across years, or is their spending driven mainly by contemporaneous changes in resources? We design a test to determine which view of state and local spending is more consistent with the data. We find that state and local spending is determined primarily by current (as opposed to permanent) resources. That is, despite their apparent ability to skirt balanced budget laws, states and localities do not typically smooth their expenditures over time.
Author: Douglas Holtz-Eakin
Publisher:
ISBN:
Category :
Languages : es
Pages : 23
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Book Description
Author: Harvey S. Rosen
Publisher: Edward Elgar Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 376
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Book Description
Collects 17 papers by Rosen (economics and business policy, Princeton U.), many of which are empirical and involve econometric analysis of large data sets. Rosen shows how state and local government spending and taxing decisions are made in an intertemporal context that takes into account future prices and income, and are influenced by the economic environments in which they occur. Three papers co-authored with Daniel R. Feenberg (National Bureau of Economic Research) lay out a consistent methodology for characterizing state tax structures. No index. Annotation copyrighted by Book News, Inc., Portland, OR
Author: Douglas Holtz-Eakin
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Yugo Koshima
Publisher: International Monetary Fund
ISBN: 1513573330
Category : Business & Economics
Languages : en
Pages : 48
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Book Description
This paper compiles the Intertemporal Public Sector Balance Sheets for all G7 countries and examines their relationship with government borrowing costs. In 2018, all G7 countries have negative Intertemporal Net Financial Worth (INFW), falling short of their intertemporal budget constraint. A decomposition of the evolution of INFW shows that short-term fluctuations are mainly driven by fiscal policy changes, while in the long run demographic changes and health and pension obligations play a larger role. We find that on average a 10 percentage point of GDP increase in INFW reduces the (future) 10-1 year sovereign yield curve spread by 2.8 basis points. This results suggest that financial markets pay attention to governments’ future policy obligations, in addition to its current assets and liabilities.
Author: Richard K. Vedder
Publisher:
ISBN:
Category : Political Science
Languages : en
Pages : 40
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Book Description
Author: Amanda Page-Hoongrajok
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This dissertation investigates state and local government budget behavior over the business cycle with the aim of improving the design and implementation of fiscal policy. It examines how the various components of state-local government budgets have behaved historically and seeks to understand how on-the-ground, practical, and political issues impact state and local government's ability to engage in countercyclical spending. The first chapter of this dissertation motivates the need to account for state and local government budgets in macroeconomic fiscal policy. It shows that the contemporary macroeconomic fiscal policy literature overlooks the role of state and local government budgets. I argue that it is critical to fill this gap because of the significant impact state and local government budgets can have on overall fiscal policy. Chapter 2 investigates the behavior of state and local government budgets over business cycles from 1954 to 2015. It classifies each component of state and local government budgets as pro-cyclical, countercyclical, or non-cyclical. This analysis helps us see clearly which components of state-local government budgets have historically supported countercyclical fiscal policy and which have hindered it. Chapter 3 examines the effectiveness of state-local government capital spending as a countercyclical tool. Capital spending has the most potential for countercyclical purposes. This chapter identifies institutional and on-the-ground barriers to using capital spending for countercyclical purposes. Chapter 4 analyzes the role of state and local government spending in the most recent economic recovery from 2010 to 2015. State and local government spending has historically contributed to federal government recovery efforts. However, in the 2010 recovery, state and local government spending became a drag. Analyzing the state-local government slowdown during the 2010 recovery can help us identify the key factors that turned state-local government spending from a supportive source to a barrier. Chapter 5 develops policy proposals for state and local government countercyclical spending taking into account all the lessons from the previous chapters. I argue that the most promising areas for policy change are: 1) expanding federal government support; 2) reforming rainy day funds; 3) utilizing the capital budget; 4) loosening financial constraints; and 5) addressing political constraints.
Author: Werner Z. Hirsch
Publisher:
ISBN:
Category :
Languages : en
Pages : 356
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Book Description
Author: Bruce Baker
Publisher:
ISBN:
Category : Budget
Languages : en
Pages : 46
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Book Description
This study presents intertemporal budgeting as of 1999 for all 50 U.S.states. Intertemporal state budgeting compares the present value of a state's projected receipts with the present value of its projected expenditures (exclusive of interest payments)plus the current value of its net debt (liabilities minus assets). Our projections start with the 1999 U.S.Census Bureau's State Government Finances survey of receipts, expenditures, and debt.We group these highly detailed data into a framework that is consistent with the National Income and Product Account accounts. The 1999 Census data are the latest available.To project total receipts and expenditures for years beyond 1999, we first form average 1999 receipts and expenditures by age and sex using relative age-and sex-specific receipts and expenditure profiles.We estimate these profiles the Current Population Survey and the Consumer Expenditure Survey. Next we grow these averages using an assumed growth rate in labor productivity. Finally, year-and state-specific age-sex population estimates are multiplied by projected average receipts and expenditures by age and sex in that year to form that year's total projected state-specific receipts and expenditures.We form our year-age-sex-and state-specific population projections using the 2001 Social Security Administration 's projection of the total U.S. population by age and sex in conjunction with the 1995 Census projections on state-specific age-sex population shares. Our base-case results use a 3 percent real discount rate and assume a 1.5 percent real productivity growth rate.They show a great range of state intertemporal imbalances. When measured as a share of (scaled by) the present value of projected expenditures, imbalances range from positive 48 percent in Alaska to negative 19 percent in Vermont. These and other findings proved to be very robust to changes in productivity and discount rates as well as changes in demographic assumptions. State official liabilities are not good proxies for th
Author: Adam Millsap
Publisher:
ISBN:
Category :
Languages : en
Pages : 15
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Book Description
In this paper we create an index that measures the growth of the 50 state governments and the District of Columbia's expenditures relative to the growth of their private sector economies. In a state where government expenditures grow faster than the private sector economy as a whole, the amount of resources the government controls increases over time. This can have a negative effect on economic growth in the long run, since economic growth is driven by resource use and innovations in the private sector. We use two measures to describe the size of state and local government: state and local government's contribution to Gross State Product (GSP) from the Bureau of Economic Analysis, and state and local direct general expenditures from the Census Annual Finance Survey. We then contrast these figures with private sector GSP, as measured by the BEA.
