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The Costs and Benefits of Fiscal Rules: Evidence from U.S. States

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Cited by:

  1. Joe A. Stone, 2016. "Do Balanced-Budget Rules Increase Growth?," Bulletin of Economic Research, Wiley Blackwell, vol. 68(1), pages 79-89, January.
  2. Persson, Torsten & Tabellini, Guido, 2002. "Political economics and public finance," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 3, chapter 24, pages 1549-1659, Elsevier.
  3. Antonio Fatás & Ilian Mihov, 2010. "The Euro and Fiscal Policy," NBER Chapters, in: Europe and the Euro, pages 287-324, National Bureau of Economic Research, Inc.
  4. Skrypnik, D., 2016. "Budget Rules, Government Efficiency and Economic Growth," Journal of the New Economic Association, New Economic Association, vol. 30(2), pages 12-32.
  5. Fatas, Antonio & Mihov, Ilian, 2006. "The macroeconomic effects of fiscal rules in the US states," Journal of Public Economics, Elsevier, vol. 90(1-2), pages 101-117, January.
  6. Mr. Guiseppe Pisauro, 2001. "Intergovernmental Relations and Fiscal Discipline: Between Commons and Soft Budget Constraints," IMF Working Papers 2001/065, International Monetary Fund.
  7. Sorensen, Bent E. & Wu, Lisa & Yosha, Oved, 2001. "Output fluctuations and fiscal policy: U.S. state and local governments 1978-1994," European Economic Review, Elsevier, vol. 45(7), pages 1271-1310.
  8. Nicholas Apergis & Dan Constantin Dănuleţiu, 2013. "Public deficit, public debt, corruption and economic freedom: some empirical evidence from Romania," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 16(48), pages 3-22, June.
  9. Alberto F. Alesina & Roberto Perotti, 1999. "Budget Deficits and Budget Institutions," NBER Chapters, in: Fiscal Institutions and Fiscal Performance, pages 13-36, National Bureau of Economic Research, Inc.
  10. Jean-Paul Lam & William Scarth, 2002. "Alternative Public Spending Rules and Output Volatility," Staff Working Papers 02-37, Bank of Canada.
  11. Jorge Martinez-Vazquez & Violeta Vulovic, 2017. "How well do subnational borrowing regulations work?," Chapters, in: Naoyuki Yoshino & Peter J. Morgan (ed.), Central and Local Government Relations in Asia, chapter 5, pages 161-220, Edward Elgar Publishing.
  12. James M. Poterba & Kim Rueben, 1999. "State Fiscal Institutions and the U.S. Municipal Bond Market," NBER Chapters, in: Fiscal Institutions and Fiscal Performance, pages 181-208, National Bureau of Economic Research, Inc.
  13. Barrell, Ray & Pina, Alvaro M., 2004. "How important are automatic stabilisers in Europe? A stochastic simulation assessment," Economic Modelling, Elsevier, vol. 21(1), pages 1-35, January.
  14. Strauch, Rolf R. & von Hagen, Jürgen, 2001. "Formal fiscal restraints and budget processes as solutions to a deficit and spending bias in public finances: US experience and possible lessons for EMU," ZEI Working Papers B 14-2001, University of Bonn, ZEI - Center for European Integration Studies.
  15. Ali BAYAR & Bram SMEETS, 2009. "Excessive Deficits in the European Union: An Analysis of Entry and Exit Dynamics," EcoMod2009 21500011, EcoMod.
  16. Momi Dahan & Michel Strawczynski, 2010. "Fiscal Rules and Composition Bias in OECD Countries," CESifo Working Paper Series 3088, CESifo.
  17. Maxime Menuet & Alexandru Minea & Patrick Villieu, 2019. "The Peril of Fiscal Rules," Post-Print hal-02314996, HAL.
  18. Christian F. Pfeil & Lars P. Feld, 2024. "Does the Swiss Debt Brake Induce Sound Federal Finances? A Synthetic Control Analysis," Public Finance Review, , vol. 52(1), pages 3-41, January.
  19. Wichmann, Roberta Moreira & Portugal, Marcelo Savino, 2013. "Política Fiscal Assimétrica: O Caso do Brasil," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 67(3), September.
  20. Sacchi, Agnese & Salotti, Simone, 2015. "The impact of national fiscal rules on the stabilisation function of fiscal policy," European Journal of Political Economy, Elsevier, vol. 37(C), pages 1-20.
  21. Neyapti, Bilin, 2013. "Fiscal decentralization, fiscal rules and fiscal discipline," Economics Letters, Elsevier, vol. 121(3), pages 528-532.
  22. Lars P. Feld & Gebhard Kirchgassner, 1999. "Public Debt and Budgetary Procedures: Top Down or Bottom Up? Some Evidence from Swiss Municipalities," NBER Chapters, in: Fiscal Institutions and Fiscal Performance, pages 151-180, National Bureau of Economic Research, Inc.
  23. Minjie Deng and Chang Liu, 2024. "Public Financing Under Balanced Budget Rules," Discussion Papers dp24-04, Department of Economics, Simon Fraser University.
  24. Samuel Kwabena Obeng, 2021. "Fiscal decentralization, democracy and government size: Disentangling the complexities," Journal of International Development, John Wiley & Sons, Ltd., vol. 33(6), pages 975-1004, August.
  25. Christofzik, Désirée I. & Kessing, Sebastian G., 2018. "Does fiscal oversight matter?," Journal of Urban Economics, Elsevier, vol. 105(C), pages 70-87.
  26. repec:fgv:epgrbe:v:67:n:3:a:6 is not listed on IDEAS
  27. Pinaki Chakraborty, 2017. "Federalism, fiscal space, and public investment spending: do fiscal rules impose hard-budget constraints?," Chapters, in: Naoyuki Yoshino & Peter J. Morgan (ed.), Central and Local Government Relations in Asia, chapter 3, pages 103-129, Edward Elgar Publishing.
  28. Veronica Grembi & Tommaso Nannicini & Ugo Troiano, 2011. "Policy Responses to Fiscal Restraints: A Difference-in-Discontinuities Design," Working Papers 397, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  29. Alesina, A. & Passalacqua, A., 2016. "The Political Economy of Government Debt," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 2599-2651, Elsevier.
  30. Guerguil, Martine & Mandon, Pierre & Tapsoba, René, 2017. "Flexible fiscal rules and countercyclical fiscal policy," Journal of Macroeconomics, Elsevier, vol. 52(C), pages 189-220.
  31. Ali Bayar, 1999. "Entry and Exit Dynamics of 'Excessive Deficits' in the European Union," CESifo Working Paper Series 216, CESifo.
  32. Rafal Benecki & Jens Hölscher & Mariusz Jarmuzek, 2006. "Fiscal transparency and policy rules in Poland," UCL SSEES Economics and Business working paper series 65, UCL School of Slavonic and East European Studies (SSEES).
  33. Gerardo Licandro, 2000. "Las reglas de responsabilidad fiscal en el Uruguay," Documentos de trabajo 2000006, Banco Central del Uruguay.
  34. Signe Krogstrup & Sébastien Wälti, 2008. "Do fiscal rules cause budgetary outcomes?," Public Choice, Springer, vol. 136(1), pages 123-138, July.
  35. Xavier Debrun & Tidiane Kinda, 2017. "Strengthening Post‐Crisis Fiscal Credibility: Fiscal Councils on the Rise – A New Dataset," Fiscal Studies, Institute for Fiscal Studies, vol. 38, pages 667-700, December.
  36. Dorian Balvir, 2024. "Fiscal rules: the imitation game," Applied Economics, Taylor & Francis Journals, vol. 56(6), pages 708-727, February.
  37. Martin Larch & João Nogueira Martins, 2007. "Fiscal indicators - Proceedings of the the Directorate-General for Economic and Financial Affairs Workshop held on 22 September 2006 in Brussels," European Economy - Economic Papers 2008 - 2015 297, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
  38. Iara, Anna & Wolff, Guntram B., 2014. "Rules and risk in the Euro area," European Journal of Political Economy, Elsevier, vol. 34(C), pages 222-236.
  39. Sulkhan Tabaghua, 2022. "Fiscal Rules and Post-Pandemic (Covid19) Economic Recovery," Proceedings of Economics and Finance Conferences 13215677, International Institute of Social and Economic Sciences.
  40. Paolo Biraschi, "undated". "Searching for the optimal EMU fiscal rule:an ex-post analysis of the SGP reform proposals," Working Papers wp2008-7, Department of the Treasury, Ministry of the Economy and of Finance.
  41. repec:ces:ifodic:v:12:y:2014:i:1:p:19108838 is not listed on IDEAS
  42. Maltritz, Dominik & Wüste, Sebastian, 2015. "Determinants of budget deficits in Europe: The role and relations of fiscal rules, fiscal councils, creative accounting and the Euro," Economic Modelling, Elsevier, vol. 48(C), pages 222-236.
  43. Dietrichson, Jens & Ellegård, Lina Maria, 2011. "Institutions promoting budgetary discipline: evidence from Swedish municipalities," Working Papers 2011:8, Lund University, Department of Economics, revised 05 Aug 2014.
  44. Étienne Farvaque & Martial Foucault & Marcelin Joanis, 2015. "L’endettement public des provinces canadiennes : Les règles d’équilibre budgétaire sont-elles efficaces?," CIRANO Working Papers 2015s-10, CIRANO.
  45. 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.
  46. Ardanaz, Martín & Cavallo, Eduardo & Izquierdo, Alejandro & Puig, Jorge, 2021. "Growth-friendly fiscal rules? Safeguarding public investment from budget cuts through fiscal rule design," Journal of International Money and Finance, Elsevier, vol. 111(C).
  47. repec:ilo:ilowps:488131 is not listed on IDEAS
  48. repec:spo:wpmain:info:hdl:2441/1cud3763momrc7c9o91o4g581 is not listed on IDEAS
  49. Francesc Pujol, 2009. "Measuring US Presidents’ Political Commitment for Fiscal Discipline Between 1920 and 2008," Studies in Public Choice, in: Louis M. Imbeau (ed.), Do They Walk Like They Talk?, chapter 0, pages 83-107, Springer.
  50. Bruno Albuquerque, 2012. "Fiscal institutions and public spending volatility in Europe," Economic Bulletin and Financial Stability Report Articles and Banco de Portugal Economic Studies, Banco de Portugal, Economics and Research Department.
  51. Bernd Hayo & Florian Neumeier, 2016. "The debt brake in the eyes of the German population," International Economics and Economic Policy, Springer, vol. 13(1), pages 139-159, January.
  52. Heiko T. Burret & Lars P. Feld, 2014. "A Note on Budget Rules and Fiscal Federalism," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 12(01), pages 03-11, April.
  53. Reuter, Wolf Heinrich, 2015. "National numerical fiscal rules: Not complied with, but still effective?," European Journal of Political Economy, Elsevier, vol. 39(C), pages 67-81.
  54. Pierre Mandon, 2014. "Evaluating Treatment Effect and Causal Effect of Fiscal Rules on Procyclicality New assessments on old debate: rules vs. discretion," CERDI Working papers halshs-01015756, HAL.
  55. Vikas Dixit, 2016. "Fiscal Rule and Social Sector Spending: A Study of North-East India," India Studies in Business and Economics, in: Swapnendu Banerjee & Vivekananda Mukherjee & Sushil Kumar Haldar (ed.), Understanding Development, edition 1, chapter 11, pages 155-171, Springer.
  56. Levinson, Arik, 1998. "Balanced Budgets and Business Cycles: Evidence from the States," National Tax Journal, National Tax Association, vol. 51(n. 4), pages 715-32, December.
  57. de Mello, Luiz, 2006. "Fiscal responsibility legislation and fiscal adjustment : the case of Brazilian local governments," Policy Research Working Paper Series 3812, The World Bank.
  58. John A. Dove, 2017. "Property Tax Limits, Balanced Budget Rules, and Line-Item Vetoes: A Long-Run View," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 43(2), pages 288-317, March.
  59. del Castillo, Ernesto & Cabral, René, 2024. "Subnational public debt sustainability in Mexico: Is the new fiscal rule working?," European Journal of Political Economy, Elsevier, vol. 82(C).
  60. Burret, Heiko T. & Feld, Lars P., 2018. "(Un-)intended effects of fiscal rules," European Journal of Political Economy, Elsevier, vol. 52(C), pages 166-191.
  61. David Bartolini & Raffaella Santolini, 2009. "Fiscal Rules and the Opportunistic Behaviour of the Incumbent Politician: Evidence from Italian Municipalities," CESifo Working Paper Series 2605, CESifo.
  62. Pierre Mandon, 2014. "Evaluating Treatment Effect and Causal Effect of Fiscal Rules on Procyclicality New assessments on old debate: rules vs. discretion," Working Papers halshs-01015760, HAL.
  63. Davide Furceri, 2010. "Long-run growth and volatility: which source really matters?," Applied Economics, Taylor & Francis Journals, vol. 42(15), pages 1865-1874.
  64. Linda Gonçalves Veiga, 2002. "The Political Economy of Local Governments' Expenditures," NIPE Working Papers 8/2002, NIPE - Universidade do Minho.
  65. Saeid Mahdavi, 2010. "Fiscal Stringency and Fiscal Sustainability in the American States: Panel Evidence," Working Papers 0016, College of Business, University of Texas at San Antonio.
  66. Qiao, Mo & Ding, Siying & Liu, Yongzheng, 2019. "Fiscal decentralization and government size: The role of democracy," European Journal of Political Economy, Elsevier, vol. 59(C), pages 316-330.
  67. Niklas Potrafke, 2023. "The Economic Consequences of Fiscal Rules," CESifo Working Paper Series 10765, CESifo.
  68. Heipertz, Martin, 2003. "The Stability and Growth Pact - Not the best but better than nothing. Reviewing the debate on fiscal policy in Europe's Monetary Union," MPIfG Working Paper 03/10, Max Planck Institute for the Study of Societies.
  69. Pinaki Chakraborty & Bharatee Bhusana Dash, 2017. "Fiscal Reforms, Fiscal Rule, and Development Spending: How Indian States Have Performed?," Public Budgeting & Finance, Wiley Blackwell, vol. 37(4), pages 111-133, December.
  70. Ulpiano Ayala Oramas & Roberto Perotti, 2000. "The colombian budget process," Working Papers Series. Documentos de Trabajo 3574, Fedesarrollo.
  71. Pierre Mandon, 2014. "Evaluating Treatment Effect and Causal Effect of Fiscal Rules on Procyclicality New assessments on old debate: rules vs. discretion," CERDI Working papers halshs-01015760, HAL.
  72. Afonso, António & Furceri, Davide, 2010. "Government size, composition, volatility and economic growth," European Journal of Political Economy, Elsevier, vol. 26(4), pages 517-532, December.
  73. Neyapti, Bilin & Bulut-Cevik, Zeynep Burcu, 2014. "Fiscal efficiency, redistribution and welfare," Economic Modelling, Elsevier, vol. 41(C), pages 375-382.
  74. Ardanaz, Martín & Izquierdo, Alejandro, 2022. "Current expenditure upswings in good times and public investment downswings in bad times? New evidence from developing countries," Journal of Comparative Economics, Elsevier, vol. 50(1), pages 118-134.
  75. Pierre Mandon, 2014. "Evaluating Treatment Effect and Causal Effect of Fiscal Rules on Procyclicality New assessments on old debate: rules vs. discretion," Working Papers halshs-01015756, HAL.
  76. David M. Primo, 2006. "Stop Us Before We Spend Again: Institutional Constraints On Government Spending," Economics and Politics, Wiley Blackwell, vol. 18(3), pages 269-312, November.
  77. Knight, Brian & Levinson, Arik, 1999. "Rainy Day Funds and State Government Savings," National Tax Journal, National Tax Association, vol. 52(n. 3), pages 459-72, September.
  78. James E. Payne, 2003. "A Survey of the International Empirical Evidence on the Tax-Spend Debate," Public Finance Review, , vol. 31(3), pages 302-324, May.
  79. Ali Bayar & Bram Smeets, 2009. "Government Deficits in the European Union: An Analysis of Entry and Exit Dynamics," CESifo Working Paper Series 2703, CESifo.
  80. Sangita Misra & Rajiv Ranjan, 2018. "Fiscal rules and procyclicality: an empirical analysis," Indian Economic Review, Springer, vol. 53(1), pages 207-228, December.
  81. Heiko T. Burret & Lars P. Feld, 2014. "A Note on Budget Rules and Fiscal Federalism," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 12(1), pages 03-11, 04.
  82. Joao L. M. Amador, 1999. "Optimal budget deficit rules," Nova SBE Working Paper Series wp385, Universidade Nova de Lisboa, Nova School of Business and Economics.
  83. Goldberg, Andrew & Romalis, John, 2015. "Public Debt and Growth in U.S. States," Working Papers 2015-10, University of Sydney, School of Economics.
  84. Ray, Nikhil. & Velasquez, Agustin. & Islam, Iyanatul,, 2015. "Fiscal rules, growth and employment : a developing country perspective," ILO Working Papers 994881313402676, International Labour Organization.
  85. António Afonso & Peter Claeys, 2006. "The dynamic behaviour of budget components and output – the cases of France, Germany, Portugal, and Spain," Working Papers Department of Economics 2006/26, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
  86. Falilou Fall & Debra Bloch & Jean-Marc Fournier & Peter Hoeller, 2015. "Prudent debt targets and fiscal frameworks," OECD Economic Policy Papers 15, OECD Publishing.
  87. Rafał Chmura, 2023. "Stabilizing, neutral or destabilizing? The impact of fiscal rules on the GDP volatility in the EU countries," Bank i Kredyt, Narodowy Bank Polski, vol. 54(5), pages 475-498.
  88. repec:hal:spmain:info:hdl:2441/1cud3763momrc7c9o91o4g581 is not listed on IDEAS
  89. Cezara Vinturis, 2023. "How do fiscal rules shape governments' spending behavior?," Economic Inquiry, Western Economic Association International, vol. 61(2), pages 322-341, April.
  90. Svec Justin & Kondo Ayako, 2012. "Fiscal Policy Cyclicality and Growth within the US States," The B.E. Journal of Macroeconomics, De Gruyter, vol. 12(2), pages 1-35, March.
  91. Slawomir Franek & Marta Postula, 2020. "Does Eurozone Membership Strengthen the Significance of Fiscal Instruments?," Annals of Economics and Finance, Society for AEF, vol. 21(1), pages 131-151, May.
  92. Farvaque, Étienne & Foucault, Martial & Joanis, Marcelin, 2012. "Les règles budgétaires dans les provinces canadiennes : nomenclatures et éléments d’analyse," L'Actualité Economique, Société Canadienne de Science Economique, vol. 88(3), pages 281-315, Septembre.
  93. 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.
  94. Shaoming Cheng & Hai (David) Guo & Cathy Yang Liu, 2020. "Incentivized for Leveling the Playing Field: Do State Economic Incentives Compensate for High Taxes?," Economic Development Quarterly, , vol. 34(2), pages 101-115, May.
  95. Herrero-Alcalde, Ana & Martín-Román, Javier & Tránchez-Martín, José Manuel & Moral-Arce, Ignacio, 2024. "Fiscal rules to the test: The impact of the Spanish expenditure rule," European Journal of Political Economy, Elsevier, vol. 81(C).
  96. Maltritz Dominik & Wüste Sebastian, 2020. "What Determines Fiscal Deficits in Europe? The Impact and Interaction of EMU Membership, Fiscal Rules, Fiscal Councils and Creative Accounting," Review of Economics, De Gruyter, vol. 71(1), pages 15-41, April.
  97. Mr. Anthony M Annett, 2002. "Politics, Government Size, and Fiscal Adjustment in Industrial Countries," IMF Working Papers 2002/162, International Monetary Fund.
  98. Mitsi Dimitra, 2021. "Does the Quality of Fiscal Institutions Matter for Fiscal Performance? A Panel Data Analysis of European Countries," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 13(1), pages 1-33, January.
  99. Pierre Mandon, 2014. "Evaluating Treatment Effect and Causal Effect of Fiscal Rules on Procyclicality," Working Papers hal-01015439, HAL.
  100. Pierre MANDON, 2014. "Evaluating Treatment Effect and Causal Effect of Fiscal Rules on Procyclicality New assessments on old debate: rules vs. discretion," Working Papers 201414, CERDI.
  101. Heiko T. Burret & Lars P. Feld, 2016. "Effects of Fiscal Rules - 85 Years' Experience in Switzerland," CESifo Working Paper Series 6063, CESifo.
  102. Easterly, William, 1999. "When is fiscal adjustment an illusion?," Policy Research Working Paper Series 2109, The World Bank.
  103. Jonathan Millar, 1997. "The Effects of Budget Rules on Fiscal Performance and Macroeconomic Stabilization," Staff Working Papers 97-15, Bank of Canada.
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