G2TT
来源类型Discussion paper
规范类型论文
来源IDDP2339
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
URLhttps://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.
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