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Great Recession and Fiscal Squeeze at U.S. Subnational Government Level

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  • Jiri Jonas
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    Abstract

    The paper discusses the fiscal impact of the Great Recession of 2007-08 on state and local governments in the United States. It documents the sharp decline in tax revenue and discusses how states responded to close the budget gaps in order to obey the balanced budget provisions. It highligts the procyclical nature of this policy response, provides a brief comparison with subnational policy stances in other advanced economies, and discusses some options for making subnational fiscal policy less procyclical within the framework of current rules.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=26060
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/184.

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    Length: 40
    Date of creation: 01 Jul 2012
    Date of revision:
    Handle: RePEc:imf:imfwpa:12/184

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    Related research

    Keywords: Economic recession; Government expenditures; Stabilization measures; Tax collection; Tax revenues; Investment; tax revenue; state budget; state budgets; fiscal policy; fiscal discipline; fiscal impact; tax increases; fiscal positions; tax bases; fiscal rules; fiscal pressures; fiscal pressure; fiscal tightening; tax policy; government spending; tax base; public finances; fiscal expenditure; fiscal outlook; fiscal deficits; local government spending; budget deficit; fiscal balances; excessive borrowing; tax changes; tax rates; tax systems; budget process; local budgets; government revenue; fiscal balance; fiscal period; revenue collection; fiscal gap; fiscal affairs; public debt; budget deficits; local government expenditures; fiscal response; tax collections; debt obligations; fiscal stress; general budget; fiscal squeeze; fiscal affairs department; spending cuts;

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    References

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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. Joshua Aizenman & Gurnain Kaur Pasricha, 2011. "Net Fiscal Stimulus During the Great Recession," NBER Working Papers 16779, National Bureau of Economic Research, Inc.
    2. Byron Lutz & Raven Molloy & Hui Shan, 2010. "The housing crisis and state and local government tax revenue: five channels," Finance and Economics Discussion Series 2010-49, Board of Governors of the Federal Reserve System (U.S.).
    3. Ayako Kondo & Justin Svec, 2009. "Fiscal Policy Cyclicality and Growth within the U.S. States," Working Papers 0911, College of the Holy Cross, Department of Economics.
    4. James M. Poterba, 1996. "Do Budget Rules Work?," NBER Working Papers 5550, National Bureau of Economic Research, Inc.
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