Introduction and overview -From economic stabilization to budget stabilization -Subnational government tools for budget stabilization -Patterns of state savings with budget stabilization funds and general fund surplus -Budget stabilization fund in interaction with balanced budget requirements -Effects of boom-year savings across three types of state expenditures -Effects of boom-year savings on bust-year budgetary actions -Countercyclical fiscal policy and multiyear perspective on budgeting -Boom-year savings and budgetary forecasting -Debt as a countercyclical fiscal tool -A framework for fiscal policy coordination and economic stability : countercyclical transfer for infrastructure -Prospects for budget stabilization by subnational governments.