This paper surveys the empirical research on fiscal institutions of the last three decades. The main results are: (i) Constitutional or statutory fiscal limitations have in most cases proved to be effective in cutting down public expenditure, revenue, and debt. (ii) Budgetary procedures matter...

This paper investigates how the fiscal environment and the budgetary process affect wage and employment determination in the local public sector. The structure of the local tax system is found to be influential with significantly higher wages occurring in cities with access to local sales and/or...

The draft federal budget for 2022–2024 can be characterized by insignificant growth in budget revenues, substantial reduction in shares of GDP of budget expenditures and reallocation thereof as compared with the pandemic-related pattern of public expenditures and budget surplus. On a...

In the following theoretical article, I propose a microeconomic consumption-saving model in attempt to integrate classical and behavioral economic approaches in order to obtain optimal solution for a consumer choice problem. Here I make a connection to the mental accounting and transaction...

Illinois does not follow basic principles of sound budgeting recommended by fiscal experts. This research suggests ways that Illinois and other states can reform practices to avoid fiscal crises in the future.Two reports released by a team of researchers from IGPA and the Volcker Alliance...

In this short and hypothetical case study, we present a management problem of optimization. With the backdrop of COVID-19, we explore how Beta Company should optimize its cost for international medical journal exposure to ensure its brand’s credibility in an international pharmaceutical...