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来源类型Working Paper
规范类型报告
DOI10.3386/w18930
来源IDWorking Paper 18930
Local Deficits and Local Jobs: Can U.S. States Stabilize Their Own Economies?
Gerald Carlino; Robert P. Inman
发表日期2013-03-28
出版年2013
语种英语
摘要Using a sample of the 48 mainland U.S. states for the period 1973-2009, we study the ability of U.S. states to expand own state employment through the use of state deficit policies. The analysis allows for the facts that U.S. states are part of a wider monetary and economic union with free factor mobility across all states and that state residents and firms may purchase goods from "neighboring" states. Those purchases may generate economic spillovers across neighbors. Estimates suggest that states can increase own state employment by increasing their own deficits. There is evidence of spillovers to employment in neighboring states defined by common cyclical patterns among state economies. For large states, aggregate spillovers to its economic neighbors are approximately two-thirds of own state job growth. Because of significant spillovers and possible incentives to free-ride, there is a potential case to actively coordinate (i.e., centralize) the management of stabilization policies. Finally, job effects of a temporary increase in state own deficits persist for at most one to two years and there is evidence of negative job effects when these deficits are scheduled for repayment.
主题Macroeconomics ; Fiscal Policy ; Subnational Fiscal Issues ; Regional and Urban Economics
URLhttps://www.nber.org/papers/w18930
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/576605
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Gerald Carlino,Robert P. Inman. Local Deficits and Local Jobs: Can U.S. States Stabilize Their Own Economies?. 2013.
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