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Cyclicality of State Budgeting

其他書名	A Political-economy Analysis
出版	Digital Commons @ Colby, 2009
URL	http://books.google.com.hk/books?id=pybqjgEACAAJ&hl=&source=gbs_api

註釋This paper disentangles the effect of political ideology and budget rules on fiscal cyclicality across the U.S. states. Using panel data from 1963 to 2006, liberal states are found to be significantly less procyclical than conservative ones. The impact of balanced budget constraints is contingent on the ideological orientation of the state in which they are imposed. Tight balanced budget rules are not binding on conservative states, but are binding on liberal ones. Where they are binding, budget rules mediate the link between voter preferences and policy outcomes skewing them toward greater procyclicality.