| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11811 |
| DP11811 The Economic Effects of Public Financing: Evidence from Municipal Bond Ratings Recalibration | |
| Manuel Adelino; Miguel Ferreira | |
| 发表日期 | 2017-01-26 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We show that municipalities’ financial constraints can have a significant impact on local employment and growth. We identify these effects by exploiting exogenous upgrades in U.S. municipal bond ratings caused by Moody’s recalibration of its ratings scale in 2010. We find that local governments increase expenditures because their debt capacity expands following a rating upgrade. These expenditures have an estimated local income multiplier of 1.9 and a cost per job of $20,000 per year. Our findings suggest that debt-financed increases in government spending can improve economic conditions during recessions. |
| 主题 | Financial Economics |
| 关键词 | Public finance Local economy Municipal bonds Credit ratings Government employment Private employment Income |
| URL | https://cepr.org/publications/dp11811 |
| 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/540624 |
| 推荐引用方式 GB/T 7714 | Manuel Adelino,Miguel Ferreira. DP11811 The Economic Effects of Public Financing: Evidence from Municipal Bond Ratings Recalibration. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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