faced and their business environment. The business environment includes physical infrastructure, the availability of an …

This paper quantitatively assesses the macroeconomic effects of the recently agreed U.S. bipartisan infrastructure … types of infrastructure spending and linkages between the final and intermediate goods sectors. We find that infrastructure … multipliers above unity if infrastructure spending and rising public debt are financed by consumption, dividend and labour income …

over time. In our theory, repo market fragilities are associated with endogenous fluctuations in trade probabilities …