Trends and Deviations in Federal, State and Local Finance
This paper contains a descriptive analysis o+ real per capita annual revenues, expenditures, deficits, debt levels and capital expenditures for federal, state and local government finance in the United States for the rears 1952-83. It summarizes each time series as a deterministic trend and an ARIM characterization of the deviations around trend. These summaries demonstrate that civilian capital outlays are falling at an accelerating pace in ail levels of government; federal government expenditures and debt are expanding at an accelerating rate; local special districts are also growing quadratically; state governments have a continuing surplus of revenues over expenditures; and local governments depend upon intergovernmental revenues to maintain balance between revenues and expenditures while reducing debt. Stochastic persistence tends to increase at more disaggregate levels of government. Expenditures tend to have longer lags than do revenues.
|Date of creation:||Nov 1986|
|Date of revision:|
|Contact details of provider:|| Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.|
Web page: http://www.nber.org
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- William D. Nordhaus, 1975. "The Political Business Cycle," Review of Economic Studies, Oxford University Press, vol. 42(2), pages 169-190.
- Hulten, Charles R & Peterson, George E, 1984. "The Public Capital Stock: Needs, Trends, and Performance," American Economic Review, American Economic Association, vol. 74(2), pages 166-73, May.
- Orley C. Ashenfelter & David Card, 1982.
"Time Series Representation of Economic Variables and Alternative Models of the Labor Market,"
528, Princeton University, Department of Economics, Industrial Relations Section..
- Orley Ashenfelter & David Card, 1982. "Time Series Representations of Economic Variables and Alternative Models of the Labour Market," Review of Economic Studies, Oxford University Press, vol. 49(5), pages 761-782.
- Steven G. Craig & Robert P. Inman, 1985.
"Education, Welfare, and the "New" Federalism: State Budgeting in a Federalist Public Economy,"
NBER Working Papers
1562, National Bureau of Economic Research, Inc.
- Steven Craig & Robert P. Inman, 1986. "Education, Welfare and the "New" Federalism: State Budgeting in a Federalist Public Economy," NBER Chapters, in: Studies in State and Local Public Finance, pages 187-228 National Bureau of Economic Research, Inc.
- MacRae, C Duncan, 1977. "A Political Model of the Business Cycle," Journal of Political Economy, University of Chicago Press, vol. 85(2), pages 239-63, April.
- Robert J. Barro, 1980.
"Output Effects of Government Purchases,"
NBER Working Papers
0432, National Bureau of Economic Research, Inc.
- Kenneth Rogoff & Anne Sibert, 1988.
"Elections and Macroeconomic Policy Cycles,"
Review of Economic Studies,
Oxford University Press, vol. 55(1), pages 1-16.
When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:2063. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()
If references are entirely missing, you can add them using this form.