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Restraining Yourself Fiscal Rules and Stabilization

State budgets in the United States played a significant macroeconomic role in the 1970s and 1980s, and the level of cyclical responsiveness was affected by the severity of statutory and constitutional fiscal restraints. Moving from no fiscal restraints to the most stringent restraints lowered the fi...

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Bibliographic Details
Main Author: Eichengreen, Barry
Other Authors: Bayoumi, Tamim
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1994
Series:IMF Working Papers
Subjects:
Public Finance
Budgeting & Financial Management
Expenditure
Stabilization
Macroeconomics
National Budget
Public Finance & Taxation
Fiscal Stance
Fiscal Policy
Treasury Policy
Public Financial Management (pfm)
Expenditures, Public
Budget Planning And Preparation
State And Local Borrowing
Budget Systems
National Government Expenditures And Related Policies: General
Budget
Budgeting
Fiscal Stabilization
Comparative Or Joint Analysis Of Fiscal And Monetary Policy
United States
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:State budgets in the United States played a significant macroeconomic role in the 1970s and 1980s, and the level of cyclical responsiveness was affected by the severity of statutory and constitutional fiscal restraints. Moving from no fiscal restraints to the most stringent restraints lowered the fiscal offset to income fluctuations by around 40 percent. Simulations indicate that a reduction in aggregate fiscal stabilizers of this size could lead to a significant increase in the variance of aggregate output
Physical Description:24 pages
ISBN:9781451954708

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