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We examine the effect of federal and subnational fiscal policy on aggregate demand in the U.S. by introducing the fiscal effect (FE) measure. FE can be decomposed into three components. Discretionary FE quantifies the effect of discretionary or legislated policy changes on aggregate demand....
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limited network connections. The model implies that essentially similar workers can have markedly different wages and further … that the inequality of wages is partly explained by variations in the sizes of workers' networks. Our results indicate that … wages. We also show that reasonable differences in the average number of links between blacks and whites can explain the …
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