Bayoumi, Tamim; Eichengreen, Barry - In: IMF Staff Papers 42 (1995) 1, pp. 32-48
State budgets played a significant macroeconomic role in the United States during the 1970s and 1980s. Their cyclical responsiveness was affected by the severity of statutory and constitutional fiscal restraints. Moving from no fiscal restraints to stringent restraints lowered the fiscal offset...