The Experts below are selected from a list of 360 Experts worldwide ranked by ideXlab platform
Gary C Lin - One of the best experts on this subject based on the ideXlab platform.
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local Public Finance dynamics and hurricane shocks
National Bureau of Economic Research, 2020Co-Authors: Rhiannon Jerch, Matthew E Kahn, Gary C LinAbstract:Since 1980, over 2,000 local governments in US Atlantic and Gulf states have been hit by a hurricane. Such natural disasters can exert severe budgetary pressure on local governments' ability to provide critical infrastructure, goods, and services. We study local government revenue, expenditure, and borrowing dynamics in the aftermath of hurricanes. These shocks impact, both, current local Public resources through reducing tax revenues and expenditures, as well as future local Public resources through increasing the cost of debt. Major hurricanes have much larger effects than minor hurricanes: major storms cause local revenues to fall by 6 to 7%. These losses persist at least ten years after a hurricane strike, leading to a 6% decline in expenditures on important Public goods and services and a significant increase in the risk of default on municipal debt. Our results reveal how hurricanes can create a "vicious cycle" for local governments by increasing the cost of debt at critical moments after a hurricane strike, when localities are in greatest need of funding sources. Cities deemed riskier by ratings agencies face higher borrowing costs and thereby face constraints to invest in climate change adaptation. Municipalities with a racial minority composition above their state median suffer expenditure losses 9% greater and debt default risk 8 times larger than white communities in the decade following a hurricane strike. These results suggest that climate change can exacerbate environmental justice challenges.
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local Public Finance dynamics and hurricane shocks
Social Science Research Network, 2020Co-Authors: Rhiannon Jerch, Matthew E Kahn, Gary C LinAbstract:Since 1980, over 2,000 local governments in US Atlantic and Gulf states have been hit by a hurricane. Such natural disasters can exert severe budgetary pressure on local governments’ ability to provide critical infrastructure, goods, and services. We study local government revenue, expenditure, and borrowing dynamics in the aftermath of hurricanes. These shocks impact, both, current local Public resources through reducing tax revenues and expenditures, as well as future local Public resources through increasing the cost of debt. Major hurricanes have much larger effects than minor hurricanes: major storms cause local revenues to fall by 6 to 7%. These losses persist at least ten years after a hurricane strike, leading to a 6% decline in expenditures on important Public goods and services and a significant increase in the risk of default on municipal debt. Our results reveal how hurricanes can create a “vicious cycle” for local governments by increasing the cost of debt at critical moments after a hurricane strike, when localities are in greatest need of funding sources. Cities deemed riskier by ratings agencies face higher borrowing costs and thereby face constraints to invest in climate change adaptation. Municipalities with a racial minority composition 1 standard deviation above the sample mean suffer expenditure losses more than 2 times larger and debt default risk 8 times larger than municipalities with average racial composition in the decade following a hurricane strike. These results suggest that climate change can exacerbate environmental justice challenges. Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.
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local Public Finance dynamics and hurricane shocks
Research Papers in Economics, 2020Co-Authors: Rhiannon Jerch, Matthew E Kahn, Gary C LinAbstract:Since 1980, over 2,000 local governments in US Atlantic and Gulf states have been hit by a hurricane. Such natural disasters can exert severe budgetary pressure on local governments’ ability to provide critical infrastructure, goods, and services. We study local government revenue, expenditure, and borrowing dynamics in the aftermath of hurricanes. These shocks impact, both, current local Public resources through reducing tax revenues and expenditures, as well as future local Public resources through increasing the cost of debt. Major hurricanes have much larger effects than minor hurricanes: major storms cause local revenues to fall by 6 to 7%. These losses persist at least ten years after a hurricane strike, leading to a 6% decline in expenditures on important Public goods and services and a significant increase in the risk of default on municipal debt. Our results reveal how hurricanes can create a “vicious cycle” for local governments by increasing the cost of debt at critical moments after a hurricane strike, when localities are in greatest need of funding sources. Cities deemed riskier by ratings agencies face higher borrowing costs and thereby face constraints to invest in climate change adaptation. Municipalities with a racial minority composition 1 standard deviation above the sample mean suffer expenditure losses more than 2 times larger and debt default risk 8 times larger than municipalities with average racial composition in the decade following a hurricane strike. These results suggest that climate change can exacerbate environmental justice challenges.
Sendhil Mullainathan - One of the best experts on this subject based on the ideXlab platform.
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a reduced form approach to behavioral Public Finance
Annual Review of Economics, 2012Co-Authors: Joshua Schwartzstein, Sendhil Mullainathan, William J CongdonAbstract:Research in behavioral Public Finance has blossomed in recent years, producing diverse empirical and theoretical insights. This article develops a single framework with which to understand these advances. Rather than drawing out the consequences of specific psychological assumptions, the framework takes a reduced-form approach to behavioral modeling. It emphasizes the difference between decision and experienced utility that underlies most behavioral models. We use this framework to examine the behavioral implications for canonical Public Finance problems involving the provision of social insurance, commodity taxation, and correcting externalities. We show how deeper principles undergird much work in this area and that many insights are not specific to a single psychological assumption.
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policy and choice Public Finance through the lens of behavioral economics
2011Co-Authors: Jeffrey R Kling, William J Congdon, Sendhil MullainathanAbstract:Contents Introduction I. Psychology and the Foundations of Public Finance 1. Psychology and Economics 2. Behavioral Economics and Public Finance II. Behavioral Economics and Public Finance in Practice 3. Asymmetric Information 4. Poverty and Inequality 5. Externalities and Public Goods 6. Taxation and Revenue III. Conclusion
Rhiannon Jerch - One of the best experts on this subject based on the ideXlab platform.
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local Public Finance dynamics and hurricane shocks
National Bureau of Economic Research, 2020Co-Authors: Rhiannon Jerch, Matthew E Kahn, Gary C LinAbstract:Since 1980, over 2,000 local governments in US Atlantic and Gulf states have been hit by a hurricane. Such natural disasters can exert severe budgetary pressure on local governments' ability to provide critical infrastructure, goods, and services. We study local government revenue, expenditure, and borrowing dynamics in the aftermath of hurricanes. These shocks impact, both, current local Public resources through reducing tax revenues and expenditures, as well as future local Public resources through increasing the cost of debt. Major hurricanes have much larger effects than minor hurricanes: major storms cause local revenues to fall by 6 to 7%. These losses persist at least ten years after a hurricane strike, leading to a 6% decline in expenditures on important Public goods and services and a significant increase in the risk of default on municipal debt. Our results reveal how hurricanes can create a "vicious cycle" for local governments by increasing the cost of debt at critical moments after a hurricane strike, when localities are in greatest need of funding sources. Cities deemed riskier by ratings agencies face higher borrowing costs and thereby face constraints to invest in climate change adaptation. Municipalities with a racial minority composition above their state median suffer expenditure losses 9% greater and debt default risk 8 times larger than white communities in the decade following a hurricane strike. These results suggest that climate change can exacerbate environmental justice challenges.
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local Public Finance dynamics and hurricane shocks
Social Science Research Network, 2020Co-Authors: Rhiannon Jerch, Matthew E Kahn, Gary C LinAbstract:Since 1980, over 2,000 local governments in US Atlantic and Gulf states have been hit by a hurricane. Such natural disasters can exert severe budgetary pressure on local governments’ ability to provide critical infrastructure, goods, and services. We study local government revenue, expenditure, and borrowing dynamics in the aftermath of hurricanes. These shocks impact, both, current local Public resources through reducing tax revenues and expenditures, as well as future local Public resources through increasing the cost of debt. Major hurricanes have much larger effects than minor hurricanes: major storms cause local revenues to fall by 6 to 7%. These losses persist at least ten years after a hurricane strike, leading to a 6% decline in expenditures on important Public goods and services and a significant increase in the risk of default on municipal debt. Our results reveal how hurricanes can create a “vicious cycle” for local governments by increasing the cost of debt at critical moments after a hurricane strike, when localities are in greatest need of funding sources. Cities deemed riskier by ratings agencies face higher borrowing costs and thereby face constraints to invest in climate change adaptation. Municipalities with a racial minority composition 1 standard deviation above the sample mean suffer expenditure losses more than 2 times larger and debt default risk 8 times larger than municipalities with average racial composition in the decade following a hurricane strike. These results suggest that climate change can exacerbate environmental justice challenges. Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.
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local Public Finance dynamics and hurricane shocks
Research Papers in Economics, 2020Co-Authors: Rhiannon Jerch, Matthew E Kahn, Gary C LinAbstract:Since 1980, over 2,000 local governments in US Atlantic and Gulf states have been hit by a hurricane. Such natural disasters can exert severe budgetary pressure on local governments’ ability to provide critical infrastructure, goods, and services. We study local government revenue, expenditure, and borrowing dynamics in the aftermath of hurricanes. These shocks impact, both, current local Public resources through reducing tax revenues and expenditures, as well as future local Public resources through increasing the cost of debt. Major hurricanes have much larger effects than minor hurricanes: major storms cause local revenues to fall by 6 to 7%. These losses persist at least ten years after a hurricane strike, leading to a 6% decline in expenditures on important Public goods and services and a significant increase in the risk of default on municipal debt. Our results reveal how hurricanes can create a “vicious cycle” for local governments by increasing the cost of debt at critical moments after a hurricane strike, when localities are in greatest need of funding sources. Cities deemed riskier by ratings agencies face higher borrowing costs and thereby face constraints to invest in climate change adaptation. Municipalities with a racial minority composition 1 standard deviation above the sample mean suffer expenditure losses more than 2 times larger and debt default risk 8 times larger than municipalities with average racial composition in the decade following a hurricane strike. These results suggest that climate change can exacerbate environmental justice challenges.
William J Congdon - One of the best experts on this subject based on the ideXlab platform.
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a reduced form approach to behavioral Public Finance
Annual Review of Economics, 2012Co-Authors: Joshua Schwartzstein, Sendhil Mullainathan, William J CongdonAbstract:Research in behavioral Public Finance has blossomed in recent years, producing diverse empirical and theoretical insights. This article develops a single framework with which to understand these advances. Rather than drawing out the consequences of specific psychological assumptions, the framework takes a reduced-form approach to behavioral modeling. It emphasizes the difference between decision and experienced utility that underlies most behavioral models. We use this framework to examine the behavioral implications for canonical Public Finance problems involving the provision of social insurance, commodity taxation, and correcting externalities. We show how deeper principles undergird much work in this area and that many insights are not specific to a single psychological assumption.
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policy and choice Public Finance through the lens of behavioral economics
2011Co-Authors: Jeffrey R Kling, William J Congdon, Sendhil MullainathanAbstract:Contents Introduction I. Psychology and the Foundations of Public Finance 1. Psychology and Economics 2. Behavioral Economics and Public Finance II. Behavioral Economics and Public Finance in Practice 3. Asymmetric Information 4. Poverty and Inequality 5. Externalities and Public Goods 6. Taxation and Revenue III. Conclusion
Matthew E Kahn - One of the best experts on this subject based on the ideXlab platform.
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local Public Finance dynamics and hurricane shocks
National Bureau of Economic Research, 2020Co-Authors: Rhiannon Jerch, Matthew E Kahn, Gary C LinAbstract:Since 1980, over 2,000 local governments in US Atlantic and Gulf states have been hit by a hurricane. Such natural disasters can exert severe budgetary pressure on local governments' ability to provide critical infrastructure, goods, and services. We study local government revenue, expenditure, and borrowing dynamics in the aftermath of hurricanes. These shocks impact, both, current local Public resources through reducing tax revenues and expenditures, as well as future local Public resources through increasing the cost of debt. Major hurricanes have much larger effects than minor hurricanes: major storms cause local revenues to fall by 6 to 7%. These losses persist at least ten years after a hurricane strike, leading to a 6% decline in expenditures on important Public goods and services and a significant increase in the risk of default on municipal debt. Our results reveal how hurricanes can create a "vicious cycle" for local governments by increasing the cost of debt at critical moments after a hurricane strike, when localities are in greatest need of funding sources. Cities deemed riskier by ratings agencies face higher borrowing costs and thereby face constraints to invest in climate change adaptation. Municipalities with a racial minority composition above their state median suffer expenditure losses 9% greater and debt default risk 8 times larger than white communities in the decade following a hurricane strike. These results suggest that climate change can exacerbate environmental justice challenges.
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local Public Finance dynamics and hurricane shocks
Social Science Research Network, 2020Co-Authors: Rhiannon Jerch, Matthew E Kahn, Gary C LinAbstract:Since 1980, over 2,000 local governments in US Atlantic and Gulf states have been hit by a hurricane. Such natural disasters can exert severe budgetary pressure on local governments’ ability to provide critical infrastructure, goods, and services. We study local government revenue, expenditure, and borrowing dynamics in the aftermath of hurricanes. These shocks impact, both, current local Public resources through reducing tax revenues and expenditures, as well as future local Public resources through increasing the cost of debt. Major hurricanes have much larger effects than minor hurricanes: major storms cause local revenues to fall by 6 to 7%. These losses persist at least ten years after a hurricane strike, leading to a 6% decline in expenditures on important Public goods and services and a significant increase in the risk of default on municipal debt. Our results reveal how hurricanes can create a “vicious cycle” for local governments by increasing the cost of debt at critical moments after a hurricane strike, when localities are in greatest need of funding sources. Cities deemed riskier by ratings agencies face higher borrowing costs and thereby face constraints to invest in climate change adaptation. Municipalities with a racial minority composition 1 standard deviation above the sample mean suffer expenditure losses more than 2 times larger and debt default risk 8 times larger than municipalities with average racial composition in the decade following a hurricane strike. These results suggest that climate change can exacerbate environmental justice challenges. Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.
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local Public Finance dynamics and hurricane shocks
Research Papers in Economics, 2020Co-Authors: Rhiannon Jerch, Matthew E Kahn, Gary C LinAbstract:Since 1980, over 2,000 local governments in US Atlantic and Gulf states have been hit by a hurricane. Such natural disasters can exert severe budgetary pressure on local governments’ ability to provide critical infrastructure, goods, and services. We study local government revenue, expenditure, and borrowing dynamics in the aftermath of hurricanes. These shocks impact, both, current local Public resources through reducing tax revenues and expenditures, as well as future local Public resources through increasing the cost of debt. Major hurricanes have much larger effects than minor hurricanes: major storms cause local revenues to fall by 6 to 7%. These losses persist at least ten years after a hurricane strike, leading to a 6% decline in expenditures on important Public goods and services and a significant increase in the risk of default on municipal debt. Our results reveal how hurricanes can create a “vicious cycle” for local governments by increasing the cost of debt at critical moments after a hurricane strike, when localities are in greatest need of funding sources. Cities deemed riskier by ratings agencies face higher borrowing costs and thereby face constraints to invest in climate change adaptation. Municipalities with a racial minority composition 1 standard deviation above the sample mean suffer expenditure losses more than 2 times larger and debt default risk 8 times larger than municipalities with average racial composition in the decade following a hurricane strike. These results suggest that climate change can exacerbate environmental justice challenges.
