Fiscal Policy in the United States: Automatic Stabilizers, Discretionary Fiscal Policy Actions, and the Economy

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We examine the effects of the economy on the government budget as well as the effects of the budget on the economy. First, we provide measures of the effects of automatic stabilizers on budget outcomes at the federal and state and local levels. For the federal government, the defi cit increases abou...

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Autores principales: Follette, Glenn, Lutz, Byron
Formato: Artículo revista
Lenguaje:Inglés
Publicado: Instituto de Economía y Finanzas. Facultad de Ciencias Económicas. Universidada Nacional de Córdoba. 2010
Materias:
automatic stabilizers
discretionary actions
government budget
E6
H2
H3
H6
estabilizadores automáticos
presupuesto
políticas discrecionales
Acceso en línea:https://revistas.unc.edu.ar/index.php/REyE/article/view/3870
Aporte de:
Revistas de la UNC de Universidad Nacional de Córdoba
id I10-R10-article-3870
record_format ojs
spelling I10-R10-article-38702022-04-06T19:43:30Z Fiscal Policy in the United States: Automatic Stabilizers, Discretionary Fiscal Policy Actions, and the Economy La política fiscal en Estados Unidos: Estabilizadores automáticos, acciones de política fiscal discrecional y la economía Follette, Glenn Lutz, Byron automatic stabilizers discretionary actions government budget E6 H2 H3 H6 estabilizadores automáticos presupuesto políticas discrecionales E6 H2 H3 H6 We examine the effects of the economy on the government budget as well as the effects of the budget on the economy. First, we provide measures of the effects of automatic stabilizers on budget outcomes at the federal and state and local levels. For the federal government, the defi cit increases about 0.35 percent of GDP for each 1 percentage point deviation of actual GDP relative to potential GDP. For state and local governments, the defi cit increases by about 0.1 percent of GDP. We then examine the response of the economy to the automatic stabilizers using the FRB/US model by comparing the response to aggregate demand shocks under two scenarios: with the automatic stabilizers in place and without the automatic stabilizers. Second, we provide measures of discretionary fi scal policy actions at the federal and state and local levels. We fi nd that federal policy actions are somewhat counter-cyclical while state and local policy actions have been somewhat pro-cyclical. Finally, we evaluate the impact of the budget, from both automatic stabilizers and discretionary actions, on economic activity in 2008 and 2009. Examinamos los efectos de los ciclos de la economía en el presupuesto del gobierno como así también los efectos del presupuesto del gobierno en los ciclos de la economía. Primero, proveemos medidas de los efectos de los estabilizadores automáticos sobre los presupuestos federales, estatales y locales. Para el gobierno federal, el déficit se incrementa alrededor de un 0,35 por ciento del PIB por cada desviación de 1 punto porcentual del PIB real con respecto al PIB potencial. Para los gobiernos estatales y locales, el déficit aumenta en un 0,1 por ciento del PIB. Luego se examina la respuesta de la economía a los estabilizadores automáticos utilizando el modelo FRB/US comparando la respuesta a shocks de demanda agregada en dos escenarios: con estabilizadores automáticos y sin estabilizadores automáticos. En segundo lugar, proporcionamos medidas de las acciones discrecionales de política fiscal a nivel federal, estatal y local. Encontramos que las políticas federales son de alguna manera contra-cíclicas, mientras que las políticas estatales y locales han sido un tanto pro-cíclicas. Por último, se evalúa el impacto del presupuesto, tanto de los estabilizadores automáticos como de las medidas discrecionales, en la actividad económica en 2008 y 2009. Instituto de Economía y Finanzas. Facultad de Ciencias Económicas. Universidada Nacional de Córdoba. 2010-06-01 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf https://revistas.unc.edu.ar/index.php/REyE/article/view/3870 Revista de Economía y Estadística; Vol. 48 No. 1 (2010); 41-73 Revista de Economía y Estadística; Vol. 48 Núm. 1 (2010); 41-73 2451-7321 0034-8066 10.55444/2451.7321.2010.v48.n1 eng https://revistas.unc.edu.ar/index.php/REyE/article/view/3870/6765 Derechos de autor 2010 Glenn Follette, Byron Lutz http://creativecommons.org/licenses/by-nc-nd/4.0
institution Universidad Nacional de Córdoba
institution_str I-10
repository_str R-10
container_title_str Revistas de la UNC
language Inglés
format Artículo revista
topic automatic stabilizers
discretionary actions
government budget
E6
H2
H3
H6
estabilizadores automáticos
presupuesto
políticas discrecionales
E6
H2
H3
H6
spellingShingle automatic stabilizers
discretionary actions
government budget
E6
H2
H3
H6
estabilizadores automáticos
presupuesto
políticas discrecionales
E6
H2
H3
H6
Follette, Glenn
Lutz, Byron
Fiscal Policy in the United States: Automatic Stabilizers, Discretionary Fiscal Policy Actions, and the Economy
topic_facet automatic stabilizers
discretionary actions
government budget
E6
H2
H3
H6
estabilizadores automáticos
presupuesto
políticas discrecionales
E6
H2
H3
H6
author Follette, Glenn
Lutz, Byron
author_facet Follette, Glenn
Lutz, Byron
author_sort Follette, Glenn
title Fiscal Policy in the United States: Automatic Stabilizers, Discretionary Fiscal Policy Actions, and the Economy
title_short Fiscal Policy in the United States: Automatic Stabilizers, Discretionary Fiscal Policy Actions, and the Economy
title_full Fiscal Policy in the United States: Automatic Stabilizers, Discretionary Fiscal Policy Actions, and the Economy
title_fullStr Fiscal Policy in the United States: Automatic Stabilizers, Discretionary Fiscal Policy Actions, and the Economy
title_full_unstemmed Fiscal Policy in the United States: Automatic Stabilizers, Discretionary Fiscal Policy Actions, and the Economy
title_sort fiscal policy in the united states: automatic stabilizers, discretionary fiscal policy actions, and the economy
description We examine the effects of the economy on the government budget as well as the effects of the budget on the economy. First, we provide measures of the effects of automatic stabilizers on budget outcomes at the federal and state and local levels. For the federal government, the defi cit increases about 0.35 percent of GDP for each 1 percentage point deviation of actual GDP relative to potential GDP. For state and local governments, the defi cit increases by about 0.1 percent of GDP. We then examine the response of the economy to the automatic stabilizers using the FRB/US model by comparing the response to aggregate demand shocks under two scenarios: with the automatic stabilizers in place and without the automatic stabilizers. Second, we provide measures of discretionary fi scal policy actions at the federal and state and local levels. We fi nd that federal policy actions are somewhat counter-cyclical while state and local policy actions have been somewhat pro-cyclical. Finally, we evaluate the impact of the budget, from both automatic stabilizers and discretionary actions, on economic activity in 2008 and 2009.
publisher Instituto de Economía y Finanzas. Facultad de Ciencias Económicas. Universidada Nacional de Córdoba.
publishDate 2010
url https://revistas.unc.edu.ar/index.php/REyE/article/view/3870
work_keys_str_mv AT folletteglenn fiscalpolicyintheunitedstatesautomaticstabilizersdiscretionaryfiscalpolicyactionsandtheeconomy
AT lutzbyron fiscalpolicyintheunitedstatesautomaticstabilizersdiscretionaryfiscalpolicyactionsandtheeconomy
AT folletteglenn lapoliticafiscalenestadosunidosestabilizadoresautomaticosaccionesdepoliticafiscaldiscrecionalylaeconomia
AT lutzbyron lapoliticafiscalenestadosunidosestabilizadoresautomaticosaccionesdepoliticafiscaldiscrecionalylaeconomia
first_indexed 2022-08-20T00:57:10Z
last_indexed 2022-08-20T00:57:10Z
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