Balanced-budget rules and public deficits: evidence from the U.S. states
نویسندگان
چکیده
منابع مشابه
Balanced Budget Rules and Fiscal Policy: Evidence from the States
The persistence of fiscal deficits in many industrial democracies has spawned a vast theoretical literature in political economy on why nations run budget deficits, along with a sharp policy debate concerning fiscal institutions that might reduce these deficits. The debate on fiscal institutions, such as proposed balanced budget amendments for the federal government, involves relatively little ...
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It has been shown that under perfect competition and constant returns-to-scale, a onesector real business cycle model may exhibit indeterminacy and sunspots when income tax rates are determined by a balanced-budget rule with a pre-set level of government expenditures. This paper shows that indeterminacy disappears if the government finances endogenous public spending and transfers with fixed in...
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ژورنال
عنوان ژورنال: Carnegie-Rochester Conference Series on Public Policy
سال: 1996
ISSN: 0167-2231
DOI: 10.1016/s0167-2231(96)00017-6