| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2339 |
| DP2339 A Measure of Comovement for Economic Variables: Theory and Empirics | |
| Lucrezia Reichlin; Mario Forni; Christophe Croux | |
| 发表日期 | 1999-12-17 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | What are the cyclical properties of US 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 surpluses are the result of strongly procyclical revenues, and weakly procyclical expenditures. The budgets of trust funds and utilities are procyclical. Federal grants are procyclical, exacerbating the cyclical amplitude of state level income movements; although they smooth the idiosyncratic component of shocks to state output. State and local budget surpluses are affected by balanced budget rules at the short- but not at the medium-term horizon. Further, budgets are less procyclical in conservative states. |
| 主题 | International Macroeconomics |
| 关键词 | Off-budgeting Political business cycles State and local government fiscal policy |
| URL | https://cepr.org/publications/dp2339 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531429 |
| 推荐引用方式 GB/T 7714 | Lucrezia Reichlin,Mario Forni,Christophe Croux. DP2339 A Measure of Comovement for Economic Variables: Theory and Empirics. 1999. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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