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| Tekijä: | Sörensen, B. E. Wu, L. Yosha, O. |
| Otsikko: | Output fluctuations and fiscal policy: U.S. state and local governments 1978-1994 |
| Lehti: | European Economic Review
2001 : JUN, VOL. 45:7, p. 1271-1310 |
| Asiasana: | BUDGET FISCAL POLICY GOVERNMENT USA |
| Vapaa asiasana: | FLUCTUATIONS |
| Kieli: | eng |
| Tiivistelmä: | The authors study the cyclical properties of U.S. state and local government fiscal policy. The budget surpluses of both are procyclical over short- and medium-term horizons. Procyclical surpluses are the result of strongly procyclical revenue and weakly procyclical expenditure. These results hold whether aggregate (U.S.-wide) fluctuations are controlled for or not. |
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