Most states (Vermont is the exception) have a constitutional or statutory limitation restricting their ability to run … deficits in the state's general fund. Balanced budget limitations may be either prospective or beginning …-of-the-year requirements or retrospective or end-of-the-year requirements. Using budget data from a panel of 47 U.S. states for the period 1970 …

spending, and anticipated inflation. My empirical estimates indicate that a relation of this type is reasonably stable in the U ….S. since at least 1920. In particular, the statistical evidence does not support the idea that there has been a shift toward a … fiscal policy that generates either more real public debt on average or that generates larger deficits in response to …

regretting that he has been forced to cut bone, and not just fat, from the state's budget. Chartalist economists have long …. Meanwhile, many of the euro nations with large amounts of public debt have come close to bankruptcy and loss of capital market … access. The same may soon be true of many US states and localities, with the governor of California, for example, publicly …

two decades of subpar growth, the question is whether or not the American economy has entered into its own era of secular …"During the 1980s and 1990s, European economies went through a period of slowing economic growth and high unemployment … recovery during those years by reducing taxes, eliminating regulations on business, and tightening monetary policy. Now, after …

inequality, and build better lives for our children and grandchildren. We do not have to kill popular programs or starve … makes it harder to grow our economy, boost our living standards, respond to wars or recessions, address social needs, and … maintain our role as a global leader. At the same time, we have let critical investments lag and left many people behind even …

should buy private bonds, and not issue public debt in the long run. The reason is that in the U.S., a large fraction of the … population has almost no wealth or is even in debt. The wealth-poor, however, do not profit from an increase in the interest rate … households are subject to idiosyncratic productivity shocks, insurance markets are missing and borrowing is restricted. In this …

The strategic prospects for the US (or any) economy can be evaluated by reference to the financial balances of its main … budget surplus, was greeted by a storm of self-congratulation in the US and widely expected to last indefinitely. But … inspection of the balances revealed that the configuration of driving forces was unsustainable and that the fiscal stance should …

This brief by Yeva Nersisyan and Senior Scholar L. Randall Wray argues that deficits do not burden future generations … nation with its own currency cannot become insolvent, and that government financing is unlike that of a household or firm …. Moreover, they observe that automatic stabilizers, not government bailouts and the stimulus package, have prevented the US …

This brief by Yeva Nersisyan and Senior Scholar L. Randall Wray argues that deficits do not burden future generations … nation with its own currency cannot become insolvent, and that government financing is unlike that of a household or firm …. Moreover, they observe that automatic stabilizers, not government bailouts and the stimulus package, have prevented the US …

of the private sector or “business,” government, and the rest of world – and their relationships with post-WWII business …) identification of national income with national output (or saving with investment after all other income and outlay flows are netted … ( i S ). So their net borrowing ( i NB ) can be estimated by using either expenditure and income (or investment and …