01591cas a2200241 a 4500 AALejournalIMF011987 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475505320 1018-5941 BD-DhAAL BD-DhAAL Jonas, Jiri. Great Recession and Fiscal Squeeze at U.S. Subnational Government Level / Jiri Jonas. Washington, D.C. : International Monetary Fund, 2012. 1 online resource (40 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 paper discusses the fiscal impact of the Great Recession of 2007-08 on state and local governments in the United States. It documents the sharp decline in tax revenue and discusses how states responded to close the budget gaps in order to obey the balanced budget provisions. It highligts the procyclical nature of this policy response, provides a brief comparison with subnational policy stances in other advanced economies, and discusses some options for making subnational fiscal policy less procyclical within the framework of current rules. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2012/184 Full text available on IMF http://elibrary.imf.org/view/journals/001/2012/184/001.2012.issue-184-en.xml IMF e-Library