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Keywords:Expenditures, Public 

Journal Article
In case of pension emergency

Legislatures nationwide will no doubt be debating what to do about public pensions with large unfunded liabilities. Discussion of two options getting considerable attention.
Fedgazette , Volume 18 , Issue May , Pages 5

Journal Article
Durable goods expenditures in 1941

Federal Reserve Bulletin , Issue Apr

Working Paper
The flypaper effect unstuck: evidence on endogenous grants from the Federal Highway Aid Program

Contrary to simple theoretical predictions, previous empirical research has found that state government public spending is increased far more, often dollar-for-dollar, by federal grant receipts than by equivalent increases in constituent private income. This anomaly has come to be known as the flypaper effect. First, a legislative bargaining model developed in this paper provides a critique of this empirical finding. The model demonstrates a positive correlation between constituent preferences for public goods and intergovernmental grant receipts, and this correlation has likely biased the ...
Finance and Economics Discussion Series , Paper 2000-49

Working Paper
Who benefits from increased government spending? a state-level analysis

We simultaneously identify two government spending shocks: military spending shocks as defined by Ramey (2008) and federal spending shocks as defined by Perotti (2008). We analyze the effect of these shocks on state-level personal income and employment. We find regional patterns in the manner in which both shocks affect state-level variables. Moreover, we find differences in the propagation mechanisms for military versus nonmilitary spending shocks. The former benefits economies with larger manufacturing and retail sectors and states that receive military contracts. While nonmilitary shocks ...
Working Papers , Paper 2009-006

Journal Article
Expenditures in 1952

Federal Reserve Bulletin , Issue Nov

Journal Article
Production, income, and spending accelerate

Review , Volume 50 , Issue Feb , Pages 2-4

Journal Article
Subsidizing sorrow

Fedgazette , Volume 13 , Issue Sep , Pages 1

Working Paper
Improving GDP measurement: a measurement-error perspective

We provide a new and superior measure of U.S. GDP, obtained by applying optimal signal-extraction techniques to the (noisy) expenditure-side and income-side estimates. Its properties -- particularly as regards serial correlation -- differ markedly from those of the standard expenditure-side measure and lead to substantially-revised views regarding the properties of GDP.
Working Papers , Paper 13-16

Journal Article
The long-run effects of a permanent change in defense purchases

In this article, Mark A. Wynne explores how a permanent reduction in defense spending might affect the average U.S. household. He finds that, in the long run, Americans will reap a peace dividend. For example, if Congress reduces annual defense spending from 6 percent of gross national product to 3 percent, in the long run private consumption as a share of GNP could rise 3 percentage points. In the short run, some businesses and households will sustain losses. Over time, however, the economy will reabsorb the resources freed by lower defense-related production and will expand production for ...
Economic and Financial Policy Review , Issue Jan , Pages 1-16

Journal Article
A national survey of liquid assets: prospective spending and saving and summary of survey findings

Federal Reserve Bulletin , Issue Aug , Pages 844-855

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