01633cas a2200241 a 4500 AALejournalIMF008330 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451853520 1018-5941 BD-DhAAL BD-DhAAL Bayoumi, Tamim. U.S. State and Local Government Finances Over the Current Cycle / Tamim Bayoumi. Washington, D.C. : International Monetary Fund, 1992. 1 online resource (35 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The recent slowdown in the U.S. economy has led to state and local government tax increases and expenditure cuts that have lowered aggregate demand, in contrast to earlier downturns when the sector provided significant automatic stabilizers. Several explanations for this change are examined, including the role of federal grants, mandates, tax revolts, and compensation. The first three factors are found to be relatively unimportant. There does, however, appear to have been a large change in relative compensation over the 1980s, which can account for much of the deterioration in finances. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1992/112 Full text available on IMF http://elibrary.imf.org/view/journals/001/1992/112/001.1992.issue-112-en.xml IMF e-Library