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Federal Insurance of the U.S. States: An Empirical Investigation

Author

Listed:
  • Sorensen, B.E.
  • Yosha, O.

Abstract

We investigate channels of federally provided income insurance for U.S. States, finding that a major part of federal insurance is provided through transfers. We compare the "bang for the buck" of various fiscal institutions, finding that unemployment benefits are dramatically more efficient in providing income insurance than any other fiscal institution. This finding suggests that with an appropriately designed income insurance scheme it may be possible to achieve considerable risk sharing in a future European Monetary Union with a relatively modest budget.

Suggested Citation

  • Sorensen, B.E. & Yosha, O., 1997. "Federal Insurance of the U.S. States: An Empirical Investigation," Papers 16-97, Tel Aviv.
    • Handle: RePEc:fth:teavfo:16-97
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    Citations

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    Cited by:

    1. Ralf Hepp & Jürgen von Hagen, 2012. "Fiscal Federalism in Germany: Stabilization and Redistribution Before and After Unification," Publius: The Journal of Federalism, CSF Associates Inc., vol. 42(2), pages 234-259, April.
    2. Adriana Arreaza & Bent E. Sgrensen & Oved Yosha, 1999. "Consumption Smoothing through Fiscal Policy in OECD and EU Countries," NBER Chapters, in: Fiscal Institutions and Fiscal Performance, pages 59-80, National Bureau of Economic Research, Inc.
    3. Bent E. Sorensen & Oved Yosha, 2001. "Is state fiscal policy asymmetric over the business cycle?," Economic Review, Federal Reserve Bank of Kansas City, vol. 86(Q III), pages 43-64.

    More about this item

    Keywords

    FISCAL POLICY ; INCOME ; RISK ; SOCIAL SECURITY;
    All these keywords.

    JEL classification:

    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • H70 - Public Economics - - State and Local Government; Intergovernmental Relations - - - General

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