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  1. Partisanship and Fiscal Policy in Economic Unions
    Evidence from U.S. States
    Author: Carlino, Gerald A.; Drautzburg, Thorsten; Inman, Robert P.; Zarra, Nicholas
    Published: 2021
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    Partisanship of state level politicians affect the impact of federal fiscal policy in the U.S. Using data from close gubernatorial elections, we find partisan differences in the marginal propensity to spend federal transfers since the early 1980's:... more

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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Partisanship of state level politicians affect the impact of federal fiscal policy in the U.S. Using data from close gubernatorial elections, we find partisan differences in the marginal propensity to spend federal transfers since the early 1980's: Republican governors spend less. A New Keynesian model of partisan states in a monetary union implies sizable aggregate income effects from these partisan differences. First, the transfer multiplier would rise by 0.60 if Republican governors were to spend as much from federal aid as do Democratic governors. Second, the observed changes in the share of Republican governors imply variation in the fiscal multiplier of 0.40. Local projection regressions support this prediction

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: NBER working paper series ; no. w28425
    Subjects: Politische Partei; Öffentliche Ausgaben; Multiplikator; Finanzpolitik; Föderation; Föderalismus; USA
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers
  2. Partisanship and fiscal policy in Federal Unions
    evidence from US states
    Author: Carlino, Gerald A.; Drautzburg, Thorsten; Inman, Robert P.; Zarra, Nicholas
    Published: February 23, 2020
    Publisher:  Verein für Socialpolitik, [Köln]

    In federal countries, such as the U.S., the fiscal authority consists not of one, but many governments, with state governments accounting for a sizable share of expenditures. We analyze how state partisanship of politicians affects state fiscal... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    In federal countries, such as the U.S., the fiscal authority consists not of one, but many governments, with state governments accounting for a sizable share of expenditures. We analyze how state partisanship of politicians affects state fiscal policy and quantify the possible macroeconomic consequences for federal fiscal policy. First, using data from close elections, we find strong partisanship effects in the marginal propensity to spend federal transfers, the so-called y-paper effect: Republican governors spend less. Second, this partisan difference has increased over time and is correlated with the political polarization of federal policymakers. Third, we calibrate a two-agent New Keynesian model of Republican and Democratic states in an open economy monetary union, calibrated to deliver defense spending multipliers as in the literature. Lowering back partisan differences to the less-polarized pre-Reagan era would increase the transfer multiplier by about 30 cents per dollar, and variation in governor's partisan composition similarly lead to variation in the multiplier of around to 20 cents. Fourth, we provide direct support for the structural model's partisan predictions using local-projection methods.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/224550
    Series: Jahrestagung 2020 / Verein für Socialpolitik ; 11
    Subjects: partisanship; ypaper e ect; intergovernmental transfers; scal multiplier; monetaryunion; regression discontinuity
    Scope: 1 Online-Ressource (circa 100 Seiten), Illustrationen
  3. Partisanship and fiscal policy in economic unions
    evidence from U.S. States
    Author: Carlino, Gerald A.; Drautzburg, Thorsten; Inman, Robert P.; Zarra, Nicholas
    Published: June 2020
    Publisher:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Working papers / Research Department, Federal Reserve Bank of Philadelphia ; 20, 20 (June 2020)
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen