Morton B. Millenson

English

Research Papers in Economics

  d r l  r nt   n   d—  lv n   f r
 t t   nd l   l   v rn  nt 
M rt n  . M ll n  n
Gr nt   n   d fr   th  f d r l   v rn  nt t 
 t t   nd l   l   v rn  nt  d t  fr   th 
n t  n     rl   t d   .    n   p r d  ,
h   v r,  r nt  d d n t     nt t     h  n
b d  t   t  n  l v l  f   v rn  nt  nt l th 
Gr  t   pr     n.
Unt l th     0     t  r nt    r  f r
h  h      nd   h  l . And  lth   h l r  
       nt t  th   t t   f r r l  f d r n  th 
  pr     n,   th th      n   f th  S   nd
W rld W r  nd th   n r      n r      n
d f n    p nd n , th    p rt n    f th 
 r nt      n f d d.
S n   th    r, h   v r,  r nt   n   d
h v  b           p rt nt th t th    r  n    
  j r f  t r  n th  f n n  n   f   v rn  nt
 t  ll l v l . In f    l    0  r nt   n   d   d 
 p j  t   p r  nt  f f d r l   tl     nd  b  t
 0 p r  nt  f  t t   nd l   l   v rn  nt  x 
p nd t r  . In      th        nt d f r    p r 
  nt  f th  f d r l b d  t  nd  v r 26 p r 
  nt  f  t t   nd l   l   v rn  nt b d  t .
And th    r  th     xp  t d t    nt n  .
G n r l r v n    h r n 
Al   t  ll  r nt   n   d  nt l    2   r 
  t   r   l  r nt  th t   r  r  d f nd  f r
v r   p   f       , l  v n  r    v n  j r   d   
t  n  l ttl   r n  d   r t  n  n h   th    n  
   ld b   p nt.   t   th th   ntr d  t  n  f
  n r l r v n    h r n ,  t t    nd
   tr b t  n  f f d r l  r nt   n   d b  f n t  n
  n t  n   62
  t r l r    r     nd  nv r n  nt 2
A r   lt r  6
 r n p rt t  n  6
C    n t   nd r    n l d v l p  nt  
Ed   t  n, tr  n n ,   pl    nt,
 nd      l   rv     8
   lth  
In         r t   8
G n r l p rp    f    l      t n   2
All  th r   
  t l  00
    t   t .
— l    th n 0.  p r  nt.
SOU CE: Off     f M n     nt  nd   d  t.
     l    r
  6     2    6         8       
(p r  nt 
2 2   6 6  
        — —
2      4  2  2  2
6  0 6   8  
2  26 24 2  26 26
 0     8  8  6   
2  26  8  8      
2    2  4  2   
—   2 2 2 2
 00  00  00  00  00  00
  d r l     rv    n   f Ch     	     n   p l t    b   n r    v n  f  rl  l r  
     th t    ld b     d f r  l   t  n  p r 
p   ,  v n t    t t x  .
In  t   r   n l f r , th  r v n    h r n 
pr  r   h d   r  r  tr  t  n  th n  h n  t
    r n   d  n    6.  h  b     t  h n   h  
b  n th t f nd    n n   b     d t    v r  
l   l   v rn  nt    h r  f r  th r  r nt 
 v  l bl   nl   n     t h n  f nd b    .  h  
   n   r nt pr  r      n n   b  f n n  d
 nt r l    th f d r l f nd .
A    r   lt,   n r l r v n    h r n  h  
b        n n       n th    nd   f   n 
p  pl    th f d r l f nd n   f  t t   nd l   l
  v rn  nt . A t  ll ,  t      nt d f r l   
th n   t nth  f th  f d r l   d t   t t   nd
l   l   v rn  nt  l  t    r. And  t    d   t  b 
  n t  n  nd pr  r   
  t r l r    r     nd  nv r n  nt
S      tr  t  nt pl nt   n tr  t  n
 r n p rt t  n
  d r l   d h  h     ( r  t f nd 
C    n t   nd r    n l d v l p  nt
C    n t  d v l p  nt bl     r nt 
Ed   t  n, tr  n n ,   pl    nt,  nd
     l   rv   
El   nt r   nd     nd r   d   t  n
S    l   rv    
E pl    nt  nd tr  n n       t n  
   p r r    pl    nt      t n  
   lth
M d   d 
In         r t 
Ch ld n tr t  n  nd   l  pr  r   
  bl        t n      nt n n  
 v n   l ttl  l    th      r  nd n xt. It d   
    , h   v r, t  h v      nt d t    p r 
  n nt  n r      n f d r l p    nt  t  l   l
  v rn  nt , r th r th n   r pl     nt f r
 th r t p    f  r nt .
It          n f   nt th t th   ntr d  t  n
 f   n r l r v n    h r n   n    2    n  d d
  th th   nd  f  n  n nt rr pt d  tr n   f
d f   t   n th   p r t n       nt   f  t t   nd
l   l   v rn  nt  th t (     r d  n th 
  t  n l In     A    nt  b        nt b   
t    48.  h r    r  d f   t      n d r n  th 
   4     r       n, b t   b t nt  l   rpl    
  r  r   rd d  n    6  nd     ,  nd   rpl    
     l   l   n    8. A f    t t     th p r 
t   l rl  l r     rpl     h v    t t x  . And
 th r  t t    r    n  d r n  r d  t  n . E   
 n  th  t x b rd n  n th   
 t t         t    b l  f th t
r  p n  b l t  f r r    n 
r v n   h   p r  n ntl 
 h ft d fr    t t   nd l   l
  v rn  nt  t  th 
f d r l   v rn  nt.
St t   nd l   l l  d r 
       r  f d r l f nd n 
 .    n th  f r   f   n r l
r v n    h r n . It   v  
 .80	 th   fl x b l t   n f tt n 
 p nd n  t  th  r   n
v      f l   l n  d . Wh l 
2.0 	 th   h v  n t   tt n th 
 n r      th       d f r,
th   h v    tt n   r 
fl x b l t   n       th r
2. 4	 pr  r   . M  t f nd   r 
2.  	  t ll  v  l bl   nl  f r
2. 4	 n rr  l  d f n d     , b t
2. 4	 th r  h   b  n     
l    n n   p.   nd  th t
   ld b     d, f r  x   
 .88	 pl ,  nl  f r  tr  t   nd
h  h       n n   b     d
2. 8	 f r      tr n  t.
6.  	
    th   r nt   r     d
Gr nt   n   d pr  r     x   d n  $2 b ll  n
d r n  f    l     
  p rt  nt  O tl  
(b ll  n d ll r  
Env r n  nt l
 r t  t  n
 r n p rt t  n
     n   nd Urb n
  v l p  nt
   lth, Ed   t  n
 nd W lf r 
   lth, Ed   t  n
 nd W lf r 
  b r
  b r
   lth, Ed   t  n
 nd W lf r 
A r   lt r 
   lth, Ed   t  n
 nd W lf r 
G n r l p rp    f    l      t n  
G n r l r v n    h r n   r    r  6. 6
Ev r     r f r th  p  t
t n    r ,  b  t   th rd  f
 ll  r nt   n   d h v  b  n SOU CE: Off     f M n     nt  nd   d  t.  
 8	 E  n       r p  t v   nd r pr  r    f r p    nt  t  b    d  t 
 nd v d  l  thr   h  t t   nd l   l    n    .
M  t h v  b  n pr  r      ll n  f r  t t   r
l   l   v rn  nt  t    t h f d r l f nd 
  th   n    f th  r   n.   t        ll f r
l   l   v rn  nt  t  f rn  h  nl   d 
  n  tr t v    rv    .
 h    p    nt  t   nd v d  l  f ll  nd r
  n  b r  f th  f n t  n l  r     nt   h  h
f d r l  xp nd t r     r  d v d d b  th 
C n r     n l   d  t A t  f    4. And     
r   lt, th     n t d   f t t l  p nd n     n t
 pp r nt  h n th   r nt   r  br   n   t b 
f n t  n.
In th    rl    60 , tr n p rt t  n  nd  n 
         r t    r  b  f r th     t   p rt nt
f n t  n .     th r, th        nt d f r
 l   t thr   f  rth   f th  f nd   r nt d.
 h    r   t ll   p rt nt, b t th  d  tr b t  n
 f f nd  h    h n  d dr  t   ll    n   th n.
 h  b     t f n t  n t d  — d   t  n,
tr  n n ,  nd      l   rv    —    t  lf th 
   r   t  n  f   l r   n  b r  f pr  r   
th t t   th r    t $  .8 b ll  n  n f    l     .
A  n  th    pr  r     r  f  r th t    t th 
  v rn  nt  v r $2 b ll  n:  l   nt r   nd
    nd r   d   t  n,      l   rv    ,   pl   
  nt  nd tr  n n       t n  ,  nd t  p r r 
  pl    nt      t n  .   n   f th   
pr  r     r  n   f th   th r     t n   v r $2
b ll  n  n       r  b d  t d  t l   r l v l   n
   8  r     .
    S v nth    tr  t  t t   f r 
    th r th  f v   t t    f th  S v nth
  d r l     rv     tr  t r    v d $ .42 b ll  n
 n f    l     .  h t      b  t  4 p r  nt  f th 
$6  b ll  n d  tr b t d t  th   0  t t    nd th 
   tr  t  f C l  b  . A  th    f v   t t   h d  
l ttl   v r    p r  nt  f th  p p l t  n, th  r
   b n d p r   p t   ll t  nt ($28      
b l   th  n t  n l  v r     f $  4.
 h  n t  n l f   r          h t d  t rt d
b  th  v r  h  h p r   p t  p    nt  t  th 
   tr  t  f C l  b   ($ , 6    nd Al    
($  8 .   r  nt h d th  n xt h  h  t p   
  nt r l t v  t  p p l t  n ($46  . All  th r
 t t   r    v d p    nt  b t   n th 
    nt  f r   r  nt  nd Ind  n  ($20  .
Ill n    r    v d $ .2 b ll  n, th  f  rth
l r   t p    nt t  th       v rn  nt . It  p r
  p t  p    nt ($284 , h   v r,      b  t
 v r    f r th  f v   t t    f th  d  tr  t.
     n  f r th   pr  d  n th  p r   p t 
d  tr b t  n  f  r nt   n   d b t   n th  f v 
 t t    r  h rd t  p np  nt. It    p rt   l rl 
h rd t       h  Ind  n  r    v d pr p r 
t  n t l  th  l   t  f  n   t t .
Gr nt   n   d t  d  tr  t  t t  
           r nt 
      r nt 
r    v d p r
St t  p p l t  n    n  r    v d   n    p t 
(th    nd   (  ll  n d ll r   (d ll r  
Ill n      ,24     ,202 4 28 
Ind  n   ,  0  2  ,0   22 20 
I    2,8   2    4    248
M  h   n  , 2    2,         
W    n  n 4,6    6  ,4    2  2 
  t l f v   t t     ,2 4  ,4   28 
  t l U.S. 2 6,  2 6 ,08 2   0
  r v    n l   t   t  ,  0  t t    nd    tr  t  f C l  b  ,   l   ,     .
:Ex l d    r nt  t     rt      ,   r  n I l nd , A  r   n S    , G   ,  nd
 r  t   rr t r   f th      f  .
SOU CE:   r     f th  C n   , U.S.  r    r .
 h  t    r     h r 
Ind  n        p rt   l rl 
l   f r  t  p p l t  n  r 
 n  r nt  f r h  h      nd
 rb n      tr n  t.   t
th    t    r    d  n t  n
th    lv        nt f r th 
b   d ff r n   b t   n In 
d  n   nd th   th r f  r
d  tr  t  t t  . S n     n 
pr  r     r  v l nt r 
 nd r    r    t h n 
f nd , th  d ff r n  
   ld b  th t Ind  n   nd
 t    n t t  nt l   l
  v rn  nt     pl   h   
n t t  p rt   p t   n th 
        l      th r  t t  
 n th  d  tr  t.
  d r l     rv    n   f Ch     	    

Federal grants-in-aid—solvency for state and local governments

http://www.chicagofed.org/digital_assets/publications/economic_perspectives/1978/ep_may_jun1978_part4_millenson.pdf

Federal grants-in-aid—solvency for state and local governments

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Research Papers in Economics