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Achieving greater fiscal stability: guidance for the New England states

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  • Yolanda Kodrzycki
  • Bo Zhao

Abstract

This report considers the New England states? past preparedness for revenue downturns caused by business cycle fluctuations and assesses policy actions that could promote greater fiscal stability in the future.

Suggested Citation

  • Yolanda Kodrzycki & Bo Zhao, 2015. "Achieving greater fiscal stability: guidance for the New England states," New England Public Policy Center Research Report 15-2, Federal Reserve Bank of Boston.
    • Handle: RePEc:fip:fedbcr:15-2
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    File URL: http://www.bostonfed.org/economic/neppc/researchreports/2015/neppcrr1502.pdf
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    References listed on IDEAS

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    1. Pierfederico Asdrubali & Bent E. Sørensen & Oved Yosha, 1996. "Channels of Interstate Risk Sharing: United States 1963–1990," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 111(4), pages 1081-1110.
    2. Michael T. Owyang & Jeremy Piger & Howard J. Wall, 2005. "Business Cycle Phases in U.S. States," The Review of Economics and Statistics, MIT Press, vol. 87(4), pages 604-616, November.
    3. Bo Zhao, 2014. "Saving for a rainy day: estimating the appropriate size of U.S. state budget stabilization funds," Working Papers 14-12, Federal Reserve Bank of Boston.
    4. Donald Bruce & William F. Fox & M.H. Tuttle, 2006. "Tax Base Elasticities: A Multi-State Analysis of Long-Run and Short-Run Dynamics," Southern Economic Journal, Southern Economic Association, vol. 73(2), pages 315-341, October.
    5. Wagner, Gary A., 2003. "Are state budget stabilization funds only the illusion of savings?: Evidence from stationary panel data," The Quarterly Review of Economics and Finance, Elsevier, vol. 43(2), pages 213-238.
    6. Donald Bruce & William F. Fox & M.H. Tuttle, 2006. "Tax Base Elasticities: A Multi-State Analysis of Long-Run and Short-Run Dynamics," Southern Economic Journal, John Wiley & Sons, vol. 73(2), pages 315-341, October.
    7. Jennifer Weiner, 2011. "How does New Hampshire do it?: an analysis of spending and revenues in the absence of a broad-based income or sales tax," New England Public Policy Center Research Report 11-1, Federal Reserve Bank of Boston.
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