NY Fed: new approach to government funding
A New York Federal Reserve paper, published on Wednesday, examines the impact of New York's and New Jersey's dependence on volatile revenue sources following the economic downturn, and proposes four policy options that may address the two states's budgetary shortfalls.
Richard Deitz, Andrew Haughwout and Charles Steindel, the paper's authors, show the two states relied too heavily on sources of tax revenue that fluctuate sharply with changes in the business cycle. With budget gaps of $16
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