How Much Would US Style Fiscal Integration Buffer European Unemployment and Income Shocks? (A Comparative Empirical Analysis)
研究了美国联邦财政一体化如何平滑各州的收入与失业冲击，发现联邦税收体系抵消了约25%的收入冲击，并估算了若欧盟采用类似机制，希腊和西班牙将获得相当于GDP 2.5%的额外转移支付。
We examine the degree to which federal fiscal integration smoothes income and unemployment shocks across US States. We find that roughly 25 cents of every dollar of income shock at the state level is offset by federal fiscal policy. This stabilization comes entirely through the Federal tax system, not through spending stabilizers, automatic or otherwise. If we apply a comparable amount of cross country stabilization to European Union countries (as exists across US States), Greece and Spain would be receiving additional transfers of 2.5 percent of GDP.