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作者：Feiveson, Laura
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作者：Cestau, Dario; Green, Richard C.; Schuerhoff, Norman
作者单位：Carnegie Mellon University; University of Lausanne; University of Geneva; Centre for Economic Policy Research - UK
摘要：Build America Bonds (BABs) were issued by municipalities for 20 months as a part of the 2009 fiscal package. Unlike traditional tax-exempt municipals, BABs are taxable to the holder, but the Treasury rebates 35% of the coupon to the issuer. The stated purpose was to provide municipalities access to a more liquid market including foreign, tax-exempt, and tax-deferred investors. We find BABs do not exhibit greater liquidity than traditional municipals. BABs are more underpriced initially, partic...
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作者：Conley, Timothy G.; Dupor, Bill
作者单位：Western University (University of Western Ontario); University System of Ohio; Ohio State University
摘要：This paper estimates the private and government sector employment effects of American Recovery and Reinvestment Act (ARRA) spending via an instrumental variables strategy. We argue that this aid was effectively fungible and states used it to offset declines in revenue. This enables us to use exogenous variation in states' budget positions to identify the Act's employment effects. We also exploit exogenous variation across states in ARRA highway funding. According to our benchmark estimates, av...
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作者：Wildasin, David E.
作者单位：University of Kentucky
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作者：Bohn, Henning
作者单位：University of California System; University of California Santa Barbara
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作者：Sieg, Holger; Wang, Yu
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：The efficient decentralized provision of public goods requires that special interest groups, such as municipal unions, do not exercise undue influence on the outcome of municipal elections and local fiscal policies. We develop a new political economy model in which a union can endorse one of the candidates in a local election. A politician that prefers an inefficiently large public sector can, therefore, win an election if the union can provide sufficiently strong support during the campaign. ...
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作者：Sirri, Erik R.
作者单位：Babson College
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作者：Carlino, Gerald A.; Inman, Robert P.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Pennsylvania
摘要：Using a sample of the 48 mainland US states for the period 1973-2009, we study the ability of US states to expand their own state employment through the use of state deficit policies. The analysis allows for the facts that US states are part of a wider monetary and economic union with free factor mobility across all states and that state residents and firms may purchase goods from neighboring states. Those purchases may generate economic spillovers across neighbors. Estimates suggest that stat...
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作者：Chen, Hui
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
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作者：Eyraud, Luc; Lusinyan, Lusine
作者单位：International Monetary Fund; International Monetary Fund
摘要：The paper examines empirically, using a measure of vertical fiscal imbalances (VFI), the relationship between overall fiscal performance and the financing structure of subnational governments. It presents stylized facts regarding the size, evolution, and components of measured VFI using data from 28 OECD countries. On average, the general government fiscal balance is found to improve by 1 percent of GDP for each 10 percentage point reduction in VFI. (c) 2013 Elsevier B.V. All rights reserved.
