... is necessary for state governments performing one of the three Musgravian role of government (e.g. stabilization). However, when we look at the more detailed relationship between fiscal autonomy and volatility by applying expenditures from major categories such as capital outlay, general expenditure and public...

... economics Central bank policies Comparative or joint analysis of fiscal and monetary policy Stabilization Macroeconomic policy Macroeconomic aspects of public finance This paper considers how economic policy might respond to a worst‐case economic scenario, one that is already unfolding in some...