State government saving over the business cycle

被引：0

作者：

Wilson, Matthew ^{[1
]}

机构：

[1] Congress Budget Off, Washington, DC 20515 USA

来源：

REGIONAL SCIENCE AND URBAN ECONOMICS | 2023年 / 98卷

关键词：

Fiscal policy; Rainy day funds; Fiscal federalism; Fiscal union; Business cycles; Precautionary savings; RAINY DAY FUNDS; UNITED-STATES; MONETARY; EXPENDITURE; STIMULUS;

D O I：

10.1016/j.regsciurbeco.2022.103862

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

State governments in the United States use savings funds to smooth public finances over the business cycle, and these funds respond to federal policy. State savings are positive and precautionary, insuring against adverse shocks. Federal transfers to states react to national business cycles, leaving states exposed to idiosyncratic risk. State governments faced with idiosyncratic and volatile business cycles save more than less risky states. Results suggest that federal fiscal policy is an influential determinant of state fiscal policy, but does not represent a fiscal union of perfect risk sharing.

引用

页数：11

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