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U.S. State and Local Government Finances Over the Current Cycle [electronic resource] / Tamim Bayoumi.

By: Bayoumi, Tamim.
Material type: materialTypeLabelBookSeries: IMF Working Papers; Working Paper: No. 92/112Publisher: Washington, D.C. : International Monetary Fund, 1992Description: 1 online resource (35 p.).ISBN: 1451853521 :.ISSN: 1018-5941.Subject(s): Local Government Employees | Local Government Revenues | Local Government Sector | Local Government | Local Governments | United StatesAdditional physical formats: Print Version:: U.S. State and Local Government Finances Over the Current CycleOnline resources: IMF e-Library | IMF Book Store Abstract: The recent slowdown in the U.S. economy has led to state and local government tax increases and expenditure cuts that have lowered aggregate demand, in contrast to earlier downturns when the sector provided significant automatic stabilizers. Several explanations for this change are examined, including the role of federal grants, mandates, tax revolts, and compensation. The first three factors are found to be relatively unimportant. There does, however, appear to have been a large change in relative compensation over the 1980s, which can account for much of the deterioration in finances.
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The recent slowdown in the U.S. economy has led to state and local government tax increases and expenditure cuts that have lowered aggregate demand, in contrast to earlier downturns when the sector provided significant automatic stabilizers. Several explanations for this change are examined, including the role of federal grants, mandates, tax revolts, and compensation. The first three factors are found to be relatively unimportant. There does, however, appear to have been a large change in relative compensation over the 1980s, which can account for much of the deterioration in finances.

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