On September 17, 2007, the Federal Reserve Bank of Chicago, Ernst & Young, and the Office of Tax Policy Research at the University of Michigan’s Ross School of Business brought together over 120 business people, academics, and public policymakers to examine the changing dynamics of state...

Like the economy in general, individual state economies are struggling in this recession. State governments face significant constraints in raising additional revenues. Most states are required to balance their budgets regardless of the economic environment. This article considers the role of...