AbstractState budgets in the United States played a significant macroeconomic role in the 1970s and 1980s, and the level of cyclical responsiveness was affected by the severity of statutory and constitutional fiscal restraints. Moving from no fiscal restraints to the most stringent restraints lowered the fiscal offset to income fluctuations by around 40 percent. Simulations indicate that a reduction in aggregate fiscal stabilizers of this size could lead to a significant increase in the variance of aggregate output.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 94/82.
Date of creation: 01 Jul 1994
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- Robert Amano & Don Coletti & Tiff Macklem, 1999.
"Monetary Rules When Economic Behaviour Changes,"
Cahiers de recherche CREFE / CREFE Working Papers
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- Anamaria Pieschacon, 2008. "Implementable Fiscal Rules for an Oil-Exporting Small Open Economy Facing Depletion," OxCarre Working Papers 019, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
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