The Intertemporal Spending Behavior of Local Governments : A Comparative Analysis of the Scandinavian Countries
The paper investigates the intertemporal spending behavior of Scandinavian local governments with particular attention to liquidity constraints imposed by balanced-budget-rules and other regulations. The main finding is that Danish local governments are more able to smooth current expenditures than their Norwegian and Swedish counterparts. Whereas the permanent-income hypothesis cannot be rejected for Denmark, it is in most cases rejected for Norway and Sweden. The Swedish system of market-based control and the Norwegian system of administrative control seem to produce similar results in terms of consumption smoothing.
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|Date of creation:||2001|
|Date of revision:|
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- Runkle, David E., 1991. "Liquidity constraints and the permanent-income hypothesis : Evidence from panel data," Journal of Monetary Economics, Elsevier, vol. 27(1), pages 73-98, February.
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95-19, Massachusetts Institute of Technology (MIT), Department of Economics.
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Review of Economic Studies,
Wiley Blackwell, vol. 58(2), pages 277-97, April.
- Tom Doan, . "RATS program to replicate Arellano-Bond 1991 dynamic panel," Statistical Software Components RTZ00169, Boston College Department of Economics.
- Douglas Holtz-Eakin & Harvey S. Rosen, 1989. "Municipal Construction Spending: An Empirical Examination," NBER Working Papers 2989, National Bureau of Economic Research, Inc.
- Shea, John, 1995. "Union Contracts and the Life-Cycle/Permanent-Income Hypothesis," American Economic Review, American Economic Association, vol. 85(1), pages 186-200, March.
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- Campbell, John Y. & Mankiw, N. Gregory, 1991. "The response of consumption to income : A cross-country investigation," European Economic Review, Elsevier, vol. 35(4), pages 723-756, May.
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3516, National Bureau of Economic Research, Inc.
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- Holtz-Eakin, D. & Rosen, H.S., 1989. "Municipal Labor Demand In The Presence Of Uncertainty: An Econometric Approach," Discussion Papers 1989_17, Columbia University, Department of Economics.
- Douglas Holtz-Eakin & Harvey S. Rosen & Schuyler Tilly, 1993.
"Intertemporal Analysis of State and Local Government Spending: Theory ad Tests,"
NBER Working Papers
4261, National Bureau of Economic Research, Inc.
- Holtz-Eakin Douglas & Rosen Harvey S. & Tilly Schuyler, 1994. "Intertemporal Analysis of State and Local Government Spending: Theory and Tests," Journal of Urban Economics, Elsevier, vol. 35(2), pages 159-174, March.
- Douglas Holtz-Eakin & Harvey S. Rosen, 1989. "Intertemporal analysis of state and local government spending: theory and tests," Working Papers 89-4, Federal Reserve Bank of Philadelphia.
- Dahlberg, Matz & Lindström , Tomas, 1996. "Are Local Governments Governed by Forward Looking Decision Makers?," Working Paper Series 1996:20, Uppsala University, Department of Economics.
- repec:fth:pennfi:69 is not listed on IDEAS
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