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Federal Reserve Bank of Kansas City
Macro Bulletin
The Fiscal Stance of U.S. States
Huixin Bi
Jaeheung Bae

We study the fiscal stance of U.S. states through the lens of state reserve funds. We find that the overall rainy day and unemployment insurance funds have largely recovered since the start of the Great Recession but at an uneven pace across states. More importantly, we find that states are better prepared to meet their own budgetary shortfalls in the event of a downturn than the shortfalls of households.

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Huixin Bi & Jaeheung Bae, "The Fiscal Stance of U.S. States" , Federal Reserve Bank of Kansas City, Macro Bulletin, pages 1-3, number 00071, Nov 2018.
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Keywords: States - United States; State reserve funds
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