Journal Article
Accounting for changes in the U.S. budget deficit
Redmond, Michael; Davig, Troy A. (2014-12-04)
Troy Davig and Michael Redmond gauge the contributions of three factors to the declining U.S. federal budget deficit.
Macro Bulletin

Journal Article
Accounting for changes in the U.S. budget deficit
Redmond, Michael; Davig, Troy A. (2014-10)
After rising substantially during the Great Recession, the U.S. federal budget deficit has narrowed the past few years. While policy reforms and cyclical economic recovery have certainly contributed to this improvement, an array of temporary factors such as Federal Reserve remittances, dividends from Fannie Mae and Freddie Mac, and the unwinding of one-time stimulus packages may have had a notable effect. To understand the driving factors behind the improvement in the deficit, Davig and Redmond introduce a framework to gauge the contributions of temporary factors, automatic stabilizers, and ...
Economic Review , Issue Q IV , Pages 5-28