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State budgets and the business cycle: implications for the federal balanced budgets amendment debate

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  • Leslie McGranahan
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    Abstract

    Balanced budgets and proponents often use the experience of the states with balanced budget restrictions as an argument in favor of a federal balanced budget amendment. However, the state experience is not directly relevant to the federal government. State restriction are more lenient than those considered at the federal level, and many of the techniques used by the states to blame their budgets over the business cycle are not available to the federal government.

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    File URL: http://www.chicagofed.org/digital_assets/publications/economic_perspectives/1999/ep3Q99_1.pdf
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    Bibliographic Info

    Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

    Volume (Year): (1999)
    Issue (Month): Q III ()
    Pages: 3-17

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    Handle: RePEc:fip:fedhep:y:1999:i:qiii:p:3-17:n:v.23no.3

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    Related research

    Keywords: Business cycles ; Budget ; State finance;

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Leslie McGranahan, 1999. "Welfare reform and state budgets," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue Jan.
    2. James M. Poterba, 1993. "State Responses to Fiscal Crisis: The Effects of Budgetary Institutionsand Politics," NBER Working Papers 4375, National Bureau of Economic Research, Inc.
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