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Fiscal policy in the United States: automatic stabilizers, discretionary fiscal policy actions, and the economy

Follette, Glenn; Lutz, Byron - Federal Reserve Board (Board of Governors of the … - 2010

We examine the effects of the economy on the government budget as well as the effects of the budget on the economy. First, we provide measures of the effects of automatic stabilizers on budget outcomes at the federal and state and local levels. For the federal government, the deficit increases...

Persistent link: https://www.econbiz.de/10008643758

The U.S. deficit/debt problem: a longer-run perspective

Thornton, Daniel L. - In: Review (2012) September, pp. 441-456

The U.S. national debt now exceeds 100 percent of gross domestic product. Given that a significant amount of this debt is the result of governmental efforts to mitigate the effects of the financial crisis, the recession, and the anemic recovery, it is tempting to think that the debt problem is a...

Persistent link: https://www.econbiz.de/10010592560

How good are the government’s deficit and debt projections and should we care?

Kliesen, Kevin L.; Thornton, Daniel L. - In: Review (2012) Jan, pp. 21-39

Each year, the Congressional Budget Office (CBO) publishes its Budget and Economic Outlook. The CBO’s deficit projections for the current fiscal year (FY) and the next 10 FYs are widely followed because they provide an assessment of the medium-term budget outlook based on current law and a...

Persistent link: https://www.econbiz.de/10009416054

State and local finances and the macroeconomy: the high-employment budget and fiscal impetus

Follette, Glenn; Kusko, Andrea; Lutz, Byron - Federal Reserve Board (Board of Governors of the … - 2009

We examine the interplay of the economy and state and local budgets by developing and examining two measures of fiscal policy: the high-employment budget and fiscal impetus. We find that a 1 percentage point increase in cyclical GDP results in a 0.1 percentage point increase in NIPA-based net...

Persistent link: https://www.econbiz.de/10004965407

Industry evidence on the effects of government spending

Nekarda, Christopher J.; Ramey, Valerie A. - Federal Reserve Board (Board of Governors of the … - 2010

This paper investigates industry-level effects of government purchases in order to shed light on the transmission mechanism for government spending on the aggregate economy. We begin by highlighting the different theoretical predictions concerning the effects of government spending on industry...

Persistent link: https://www.econbiz.de/10008498945

The flypaper effect unstuck: evidence on endogenous grants from the Federal Highway Aid Program

Knight, Brian - Federal Reserve Board (Board of Governors of the … - 2000

Contrary to simple theoretical predictions, previous empirical research has found that state government public spending … preferences for public goods and intergovernmental grant receipts, and this correlation has likely biased the existing literature … demonstrate that constituent private income and grants have similar effects on public spending. …

Persistent link: https://www.econbiz.de/10005513073

Government debt

Elmendorf, Douglas W.; Mankiw, N. Gregory - Federal Reserve Board (Board of Governors of the … - 1998

This paper surveys the literature on the macroeconomic effects of government debt. It begins by discussing the data on debt and deficits, including the historical time series, measurement issues, and projections of future fiscal policy. The paper then presents the conventional theory of...

Persistent link: https://www.econbiz.de/10005514169

Government debt financing - its effects in view of tax discounting

Stevens, Neil A. - In: Review (1979) Jul, pp. 11-19

Persistent link: https://www.econbiz.de/10005519632

Federal agency debt: another side of federal borrowing

Resler, David H.; Lang, Richard W. - In: Review (1979) Nov, pp. 10-19

Persistent link: https://www.econbiz.de/10005519690

Controlling federal outlays: trends and proposals

Carlson, Keith M. - In: Review (1985) Jun, pp. 5-11

Persistent link: https://www.econbiz.de/10005519763