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

  • Leslie McGranahan
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    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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    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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    1. Poterba, James M, 1994. "State Responses to Fiscal Crises: The Effects of Budgetary Institutions and Politics," Journal of Political Economy, University of Chicago Press, vol. 102(4), pages 799-821, August.
    2. Leslie McGranahan, 1999. "Welfare reform and state budgets," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue Jan.
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