Rainy day funds (RDFs) are potentially an important countercyclical tool for states to stabilize their budgets and the overall economy during economic downturns. However, U.S. states have often found themselves exhausting their RDFs and having to raise tax rates or reduce expenditure while still...

We document that the nature of business cycles evolves over the process of development and structural change. In countries with large declining agricultural sectors, aggregate employment is uncorrelated with GDP.During booms, employment in agriculture declines while labor productivity increases...

We document that the nature of business cycles evolves over the process of development and structural change. In countries with large declining agricultural sectors, aggregate employment is uncorrelated with GDP. During booms, employment in agriculture declines while labor productivity increases...

This paper's study of Connecticut's education costs can serve as the foundation of an equitable and adequate state education aid formula. To the best of the author's knowledge, it is the first cost function study of Connecticut public K–12 education. The author uses a regression model to...