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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;

    This paper has been announced in the following NEP Reports:

    References

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    1. Svec Justin & Kondo Ayako, 2012. "Fiscal Policy Cyclicality and Growth within the US States," The B.E. Journal of Macroeconomics, De Gruyter, vol. 12(2), pages 1-35, March.
    2. Joshua Aizenman & Gurnain Kaur Pasricha, 2011. "Net Fiscal Stimulus During the Great Recession," NBER Working Papers 16779, National Bureau of Economic Research, Inc.
    3. Lutz, Byron & Molloy, Raven & Shan, Hui, 2011. "The housing crisis and state and local government tax revenue: Five channels," Regional Science and Urban Economics, Elsevier, vol. 41(4), pages 306-319, July.
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