State and Local Fiscal Fortunes

For an interesting blog post on state/local revenue volatility by two economists at the Federal Reserve Bank of Atlanta, see here.  Altig and Robertson provide a brief discussion of my recent paper, "The Federal Role in State Tax Reform" in which I note the following: "Through various inducements and limitations embedded in federal law, the federal government has stacked the deck in favor of state revenue volatility, unwittingly exacerbating the subnational fiscal crises that it is then called upon to mitigate through bailouts and general fiscal relief."