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

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  • Leslie McGranahan

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.

Suggested Citation

  • Leslie McGranahan, 1999. "State budgets and the business cycle: implications for the federal balanced budgets amendment debate," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q III, pages 3-17.
  • Handle: RePEc:fip:fedhep:y:1999:i:qiii:p:3-17:n:v.23no.3
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    File URL: http://www.chicagofed.org/digital_assets/publications/economic_perspectives/1999/ep3Q99_1.pdf
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    References listed on IDEAS

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    1. Leslie McGranahan, 1999. "Welfare reform and state budgets," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue Jan.
    2. 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.
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    Cited by:

    1. repec:gam:jsusta:v:9:y:2017:i:8:p:1347-:d:106591 is not listed on IDEAS
    2. Paul J. J. Welfens, 2016. "Overcoming the euro crisis and prospects for a political union," International Economics and Economic Policy, Springer, pages 59-103.
    3. Lars Calmfors & Giancarlo Corsetti & John Flemming & Seppo Honkapohja & John Kay & Willi Leibfritz & Gilles Saint-Paul & Hans-Werner Sinn & Xavier Vives, 2003. "Fiscal Policy and Macroeconomic Stabilisation in the Euro Area: Possible Reforms of the Stability and Growth Pact and National Decision-Making-Processes," EEAG Report on the European Economy, CESifo Group Munich, vol. 0, pages 46-75, May.

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    Keywords

    Business cycles ; Budget ; State finance;

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