The political economy of the budget surplus in the United States

Article Abstract:

The background to the 1998 budget surplus of the United States federal government is evaluated. Potential uses of the surplus are discussed against the background of 'tax smoothing' theory and future pensions liabilities.

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The tyranny of budget forecasts

Article Abstract:

The enactment of United States budgets is evaluated and the increasing importance of budget forecasts assessed. The rules of such forecasts and their political implications are discussed.

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Reassessing discretionary fiscal policy

Article Abstract:

Potential reawakening in discretionary countercyclical fiscal policy in the United States is discussed. Its political history is explained and economic ramifications are analysed.

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