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GASB 45 and other post-employment benefit promises : the fog is clearing
It is often said that you won?t get rich working for the government, but you can?t beat the benefits. One form of these benefits is ?Other Post-Employment Benefits"(OPEB), which represent government promises to employees to provide health care and other non-pension benefits after retirement. Government employers commonly use these benefits to attract talent in lieu of large salaries or bonuses and to provide future security to employees. Until now, governments have also been able to apply preferential accounting treatment to OPEB plans, which allowed deferral of the costs of today?s promises into the future. However, due to a standard issued by the Governmental Accounting Standards Board (GASB) in June 2004, this is about to change.
AUTHORS: Brady, Steffanie
Government employment and the dynamic effects of fiscal policy shocks
Since World War II, about 75 percent of government consumption in the U.S. economy has been spent on labor services. I distinguish the goods and the employment compensation components of government consumption in assessing the effects of fiscal shocks on main macroeconomic variables. Identifying exogenous fiscal shocks with the onset of military buildups, I show that they lead to a significant increase in hours worked and output in the government sector. Allowing for the distinction between the two components of government consumption improves the quantitative performance of the neoclassical model. In particular, the model with government employment does a good job at accounting for the dynamic response of private consumption to a fiscal policy shock. Government employment compensation acts as a transfer payment for households, thereby mitigating the wealth effect on consumption and labor supply associated with fiscal shocks.
AUTHORS: Cavallo, Michele
Every sixth worker
AUTHORS: Runyon, Herbert
The national and regional economic outlook
Remarks at the University at Albany, Albany, New York.
AUTHORS: Dudley, William