expected inflation, which in turn, reduces the real interest rate and leads to an increase in private consumption. This paper …

This paper (i) estimates the local effects of government stimulus spending on labor market outcomes and (ii) shows how … reinforces the importance of the intensive labor margin. …

U.S. counties into local labor markets, each of which we further partition into two subregions. We then compare … differential labor market outcomes and Recovery Act spending at the regional and subregional levels using instrumental variables …