Governments Gain Unprecedented Fiscal Insight, Empowered to Tackle Regional Shocks
The article discusses how regional economic shocks affect government budgets and how to include this in economic models. A detailed explanation is given on how to add government finance details into a model called USAGE-TERM. The researchers show an example using a model of Florida's economy, including two levels of government. They also talk about adapting U.S. government data for economic modeling. In summary, the key goal is to develop a way to incorporate government financial information into regional economic models, with a focus on budget impacts of economic shocks.