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The costs and benefits of fiscal rules : evidence from U.S. states

Author: Alberto Alesina; Tamim A Bayoumi; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, [1996]
Series: Working paper series (National Bureau of Economic Research), working paper no. 5614.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
Abstract: This paper shows that in American states balanced budget rules are effective in enforcing fiscal discipline but they have no costs in terms of increased output variability. More specifically, we show that tighter fiscal rules are associated with larger average surplus and lower cyclical variability of the budget balance. However, the lower flexibility of the budget balance does not affect state output  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Alberto Alesina; Tamim A Bayoumi; National Bureau of Economic Research.
OCLC Number: 70065023
Description: 1 online resource (11 pages, [3] pages of plates) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 5614.
Responsibility: Alberto Alesina, Tamim Bayoumi.

Abstract:

Abstract: This paper shows that in American states balanced budget rules are effective in enforcing fiscal discipline but they have no costs in terms of increased output variability. More specifically, we show that tighter fiscal rules are associated with larger average surplus and lower cyclical variability of the budget balance. However, the lower flexibility of the budget balance does not affect state output variability.

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