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Local deficits and local jobs : can U.S. States stabilize their own economies?

Author: Gerald A Carlino; Robert P Inman; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2013.
Series: Working paper series (National Bureau of Economic Research), no. 18930.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Using a sample of the 48 mainland U.S. states for the period 1973-2009, we study the ability of U.S. states to expand own state employment through the use of state deficit policies. The analysis allows for the facts that U.S. states are part of a wider monetary and economic union with free factor mobility across all states and that state residents and firms may purchase goods from "neighboring" states. Those  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Gerald A Carlino; Robert P Inman; National Bureau of Economic Research.
OCLC Number: 835979299
Notes: Title from http://www.nber.org/papers/18930 viewed April 5, 2013.
"March 2013."
Description: 1 online resource (28, [12] pages) : illustrations, maps.
Series Title: Working paper series (National Bureau of Economic Research), no. 18930.
Responsibility: Gerald Carlino, Robert P. Inman.

Abstract:

Using a sample of the 48 mainland U.S. states for the period 1973-2009, we study the ability of U.S. states to expand own state employment through the use of state deficit policies. The analysis allows for the facts that U.S. states are part of a wider monetary and economic union with free factor mobility across all states and that state residents and firms may purchase goods from "neighboring" states. Those purchases may generate economic spillovers across neighbors. Estimates suggest that states can increase own state employment by increasing their own deficits. There is evidence of spillovers to employment in neighboring states defined by common cyclical patterns among state economies. For large states, aggregate spillovers to its economic neighbors are approximately two-thirds of own state job growth. Because of significant spillovers and possible incentives to free-ride, there is a potential case to actively coordinate (i.e., centralize) the management of stabilization policies. Finally, job effects of a temporary increase in state own deficits persist for at most one to two years and there is evidence of negative job effects when these deficits are scheduled for repayment.

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