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作者：Dharmapala, D
作者单位：University of Connecticut
摘要：This paper compares the Congressional budget process (instituted in 1974) and the piecemeal appropriations process that preceded it. Previous theoretical analysis using spatial models of legislator preferences finds no systematic difference in relative spending levels Linder the two regimes. This paper instead uses a model of interest group lobbying. A legislature determines spending on a national public good and on subsidies to sector-specific interest groups. In the appropriations process, t...
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作者：Lundin, M; Skedinger, P
作者单位：Research Institute of Industrial Economics (IFN); Uppsala University
摘要：Decentralisation of decision-making in labour market policy may increase efficiency, since local authorities have first-hand knowledge about local labour market problems. However, decentralisation may also be associated with fiscal externalities generating misallocation. The purpose of this study is to examine the effects of a Swedish pilot programme in 1996, which strengthened the role of the local authorities in labour market policy in certain regions. Our econometric findings do not indicat...
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作者：Canova, Fabio; Pappa, Evi
作者单位：Autonomous University of Barcelona; Pompeu Fabra University; University of London; London School Economics & Political Science
摘要：We study whether fiscal restrictions affect volatilities and correlations of macrovariables and the probability of excessive debt for a sample of 48 US states. Fiscal constraints are characterized with a number of indicators and volatilities and correlations are computed in several ways. The second moments of macroeconomic variables in states with different fiscal constraints are economically and statistically similar. Excessive debt and the mechanism linking budget deficit and excessive debts...
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作者：Fatás, A; Mihov, I
作者单位：INSEAD Business School
摘要：Fiscal policy restrictions are often criticized for limiting the ability of governments to react to business cycle fluctuations and, consequently, the adoption of quantitative restrictions is viewed as inevitably leading to increased macroeconomic volatility. In this paper, we use data from 48 US states to investigate how budget rules affect fiscal policy outcomes. Our key findings are that (1) strict budgetary restrictions lead to lower policy volatility (i.e. less aggressive use of discretio...
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作者：Bennett, John; Iossa, Elisabetta
作者单位：Brunel University; Brunel University; University of Bristol
摘要：We model alternative institutional arrangements for building and managing facilities for provision of public services, including the use of the Private Finance Initiative (PFI), by exploring the effects on innovative investment activity by providers. The desirability of bundling the building and management operations is analyzed, and it is considered whether it is optimal to allocate ownership to the public or the private sector. We also examine how the case for PFI is affected by the (volunta...
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作者：Vigdor, Jacob L.
作者单位：Duke University; National Bureau of Economic Research
摘要：This paper employs a simple intertemporal model to show that presence of liquidity constraints can depress the price of a durable good below its net present rental value, regardless of the overall supply elasticity. The existence of price effects implies that the relaxation of liquidity constraints is not Pareto improving, and may in fact be regressive. Historical evidence, which exploits the fact that a clearly identifiable group, war veterans, enjoyed the most favored access to mortgage cred...
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作者：Estache, Antonio; Laffont, Jean-Jacques; Zhang, Xinzhu
作者单位：The World Bank; Universite Libre de Bruxelles; Universite de Toulouse; Universite Toulouse 1 Capitole; Chinese Academy of Social Sciences
摘要：This paper develops a model to analyze the impacts of asymmetric information on optimal universal service policy in the public utilities of developing countries. Optimal universal service policy is implemented using two regulatory instruments: pricing and network investment. Under discriminatory pricing asymmetric information leads to a higher price and smaller network in the rural area than under full information. Under uniform pricing the price is also lower but the network is even smaller. ...
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作者：Brulhart, Marius; Jametti, Mario
作者单位：University of Lausanne; Centre for Economic Policy Research - UK; York University - Canada
摘要：We study taxation externalities in federations of benevolent governments. Where different hierarchical government levels tax the same base, one can observe two types of externalities: a horizontal externality, working among governments of the same level and leading to tax rates that are too low compared to the social optimum; and a vertical externality, working between different levels of government and leading to suboptimally high tax rates. Building on the model of Keen and Kotsogiannis [Kee...
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作者：Martins, Nuno C.; Villanueva, Ernesto
作者单位：Pompeu Fabra University; Banco de Espana; Banco de Portugal; Universidade Nova de Lisboa
摘要：The responsiveness of household borrowing to changes in the interest rate is a crucial parameter for assessing public policies aimed at promoting saving. We estimate the effect on household borrowing of a reform of a program that subsidized interest rates on mortgages signed by medium- and low-income households. The reform established a ceiling in the price of the house that could be financed with the program. First, we use triple difference estimators exploiting the fact that the reform shoul...
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作者：Calabrese, Stephen; Epple, Dennis; Romer, Thomas; Sieg, Holger
作者单位：Carnegie Mellon University; State University System of Florida; University of South Florida; National Bureau of Economic Research; Princeton University
摘要：Few empirical strategies have been developed that investigate public provision under majority rule while taking explicit account of the constraints implied by mobility of households. The goal of this paper is to improve our understanding of voting in local communities when neighborhood quality depends on peer or neighborhood effects. We develop a new empirical approach which allows us to impose all restrictions that arise from locational equilibrium models with myopic voting simultaneously on ...
