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Great Recession and Fiscal Squeeze at U.S. Subnational Government Level [electronic resource] / Jiri Jonas.

By: Jonas, Jiri.
Material type: materialTypeLabelBookSeries: IMF Working Papers; Working Paper: No. 12/184Publisher: Washington, D.C. : International Monetary Fund, 2012Description: 1 online resource (40 p.).ISBN: 1475505329 :.ISSN: 1018-5941.Subject(s): General Financial Markets: Government Policy and Regulation | Local Government Finance | State Budget | State Budgets | Tax Revenue | United StatesAdditional physical formats: Print Version:: Great Recession and Fiscal Squeeze at U.S. Subnational Government LevelOnline resources: IMF e-Library | IMF Book Store Abstract: The paper discusses the fiscal impact of the Great Recession of 2007-08 on state and local governments in the United States. It documents the sharp decline in tax revenue and discusses how states responded to close the budget gaps in order to obey the balanced budget provisions. It highligts the procyclical nature of this policy response, provides a brief comparison with subnational policy stances in other advanced economies, and discusses some options for making subnational fiscal policy less procyclical within the framework of current rules.
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The paper discusses the fiscal impact of the Great Recession of 2007-08 on state and local governments in the United States. It documents the sharp decline in tax revenue and discusses how states responded to close the budget gaps in order to obey the balanced budget provisions. It highligts the procyclical nature of this policy response, provides a brief comparison with subnational policy stances in other advanced economies, and discusses some options for making subnational fiscal policy less procyclical within the framework of current rules.

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