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" The household spending response to the 2003 tax cut: evidence from survey data,"Ģ005-32, Board of Governors of the Federal Reserve System (U.S.). " Endogenous Federal Grants and Crowd-out of State Government Spending: Theory and Evidence from the Federal Highway Aid Program,"Īmerican Economic Review, American Economic Association, vol. The Review of Economics and Statistics, MIT Press, vol. " Taxation with Representation: Intergovernmental Grants in a Plebiscite Democracy," " What Causes Public Assistance Caseloads to Grow?,"Ħ343, National Bureau of Economic Research, Inc.ġ8, Northwestern University/University of Chicago Joint Center for Poverty Research. Finally, we evaluate the impact of the budget, from both automatic stabilizers and discretionary actions, on economic activity in 20.
We find that federal policy actions are somewhat counter-cyclical while state and local policy actions have been somewhat pro-cyclical. Second, we provide measures of discretionary fiscal policy actions at the federal and state and local levels. We then examine the response of the economy to the automatic stabilizers using the FRB/US model by comparing the response to aggregate demand shocks under two scenarios: with the automatic stabilizers in place and without the automatic stabilizers. For state and local governments, the deficit increases by about 0.1 percent of GDP. For the federal government, the deficit increases about 0.35 percent of GDP for each 1 percentage point deviation of actual GDP relative to potential GDP.
First, we provide measures of the effects of automatic stabilizers on budget outcomes at the federal and state and local levels. We examine the effects of the economy on the government budget as well as the effects of the budget on the economy.
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