Because of lags in legislating and implementing fiscal policy, private agents can often anticipate future changes in tax policy and government spending before these changes actually occur, a phenomenon referred to as fiscal foresight. Econometric analysis that fails to model fiscal foresight may...

In this paper, the authors document a pronounced trend toward deconcentration of metropolitan employment during the postwar period in the United States. The employment share of initially more dense metro areas declined and those of initially less dense metro areas rose. Motivated by this...

Cyclical dynamics at the regional level are investigated using newly developed times-series techniques that allow a decomposition of aggregate data into common trends and common cycles. The authors apply the common-trend/common-cycle representation to per capita personal income for the eight BEA...