Intertemporal Analysis of State and Local Government Spending: Theory and Tests
设计检验方法，分析州和地方政府消费支出是否跨期平滑，发现支出主要由当期资源决定，而非永久性资源，说明政府并未平滑支出。
Do state and local governments smooth their consumption spending across years, or is their spending driven mainly by contemporaneous changes in resources? We design a test to determine which view of state and local spending is more consistent with the data. We find that state and local spending is determined primarily by current (as opposed to permanent) resources. That is, despite their apparent ability to skirt balanced budget laws, states and localities do not typically smooth their expenditures over time.