E-Book Overview
In fiscal year 1981-82, state and local government spending actually exceeded federal nondefense spending. However, past research in public finance has focused on federal spending and policies and paid little attention to the economic problems of state and local governments. Studies in State and Local Public Finance goes far in correcting this omission. Developed from a National Bureau of Economic Research conference on state and local financing, the volume includes papers summarizing and extending recent research as well as commentaries. Covering a wide range of topics, the papers share an empirical orientation and a concern with policy issues. The first two papers look at the role of tax-exempt bonds in local public finance. Their findings suggest that tax policies significantly affect municipal borrowing practices and that financial advantage can be achieved under certain of these practices. Other papers address specific issues related to state and local tax policy: the impact of local taxes on location decisions; efficient road-use charges for trucks; and the relation of income and general sales tax systems over time. Examining issues related to United States federalism, the last paper focuses on the impact of federal grant aid to states. The research and findings these papers report make an important contribution to the study of local public finance and should be of particular interest to policymakers and those involved in private and public financing at the local, state, or federal level.
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Studies in State and Local Public Finance
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A National Bureau of Economic Research Project Report
Studies in State and Local Public Finance Edited by
Harvey s. Rosen
The University of Chicago Press Chicago and London
Harvey S. Rosen is professor of economics at Princeton University and a research associate of the National Bureau of Economic Research. He is the author of P u b k Finnncr.
The University of Chicago Press, Chicago 60637 The University of Chicago Press, Ltd., London
0 1986 by the National Bureau of Economic Research All rights reserved. Published 1986 Printed in the United States of America 95 94 93 92 91 90 89 88 87 86 5 4 3 2 1
Library of Congress Cataloging-in-PublicationData Main entry under title: Studies in state and local public finance. (National Bureau of Economic Research project report) Bibliography: p. Includes indexes. 1. Finance, Public-United States-States-Addresses, essays, lectures. 2. Local finance-United StatesAddresses, essays, lectures. I. Rosen, Harvey S. 11. Series. HJ275.S76 1986 336.73 85-30904 ISBN 0-226-72621-5
National Bureau of Economic Research Officers Franklin A. Lindsay, Chairman Richard Rosett, Vice Chairman Martin Feldstein, President
Geoffrey Carliner, Executive Director Charles A. Walworth, Treasurer Sam Parker, Director of Finunce and Administration
Directors at Large Moses Abrarnovitz Andrew Bnmmer George T. Conklin, Jr. Jean A. Crockett Morton Ehrlich Martin Feldstein Edward L . Ginzton David L. Grove
Walter W. Heller Saul B. Klaman Franklin A. Lindsay Roy E. Moor Geoffrey H. Moore Michael H. Moskow James J. O’Leary Peter G. Peterson
Robert V. Roosa Richard N. Rosett Bert Seidman Eli Shapiro Stephen Stamas Donald S. Wasserman Marina v.N. Whitman
Directors by University Appointment Marcus Alexis, Northwestern Charles H. Berry, Princeton James Duesenberry, Harvard Ann F. ,Friedlaender, Massachusetts Institute of Technology J . C . LaForce, California, Los Angeles Paul McCracken, Michigan James L. Pierce, California, Berkeley
Nathan Rosenberg, Stanford James Simler, Minnesota James Tobin, Yale John Vernon, Duke William S. Vickrey, Columbia Burton A. Weisbrod, Wisconsin Arnold Zellner, Chicago<