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Fiscal Stimulus in a Monetary Union : Evidence from U.S. Regions
Nakamura, Emi - 2011
this variation to estimate an "open economy relative multiplier" of approximately 1.5. We develop a framework for … interpreting this estimate and relating it to estimates of the standard closed economy aggregate multiplier. The closed economy …, our open economy relative multiplier "differences out" these effects because different regions in the union share a common …
Persistent link: https://www.econbiz.de/10013120316
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The Net Asset Position of the U.S. National Government, 1784-1802 : Hamilton's Blessing or the Spoils of War?
Grubb, Farley - 2010
The War for Independence left the National Government deeply in debt. The spoils from winning that war also gave it an empire of land. So, post-1783, was the National Government solvent? Was its net asset position, land assets minus debt liabilities, positive or negative? Evidence is gathered to...
Persistent link: https://www.econbiz.de/10012761788
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What If Alexander Hamilton Had Been Argentinean? a Comparison of the Early Monetary Experiences of Argentina and the United States
Bordo, Michael D.; Vegh, Carlos A. - 2021
The contrast between the early nineteenth century Argentinean experience of high inflation and the American experience of low inflation is interpreted in terms of a dynamic monetary model of optimal taxation. It is argued that the two countries' experiences diverged because of the different...
Persistent link: https://www.econbiz.de/10013235603
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U.S. War Costs : Two Parts Temporary, One Part Permanent
Edwards, Ryan D. - 2010
Military spending, fatalities, and the destruction of capital, all of which are immediately felt and are often large, are the most overt costs of war. They are also relatively short-lived. The costs of war borne by combatants and their caretakers, which includes families, communities, and the...
Persistent link: https://www.econbiz.de/10013142072
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Religious Conversion in 40 Countries
Barro, Robert J. - 2007
Questions about current and prior religion adherence from the International Social Survey Program and the World Values Survey allow us to calculate country-level religious-conversion rates for 40 countries. These conversion rates apply to religion adherence classified into eight major types. In...
Persistent link: https://www.econbiz.de/10012775476
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Measuring the Output Responses to Fiscal Policy
Auerbach, Alan J. - 2010
A key issue in current research and policy is the size of fiscal multipliers when the economy is in recession. We …
Persistent link: https://www.econbiz.de/10013138770
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Unemployment Effects of Military Spending : Evidence from a Panel of States
Hooker, Mark A. - 2011
We use data on a panel of states over a 30 year sample to estimate the response of unemployment to military procurement spending. The state panel provides greater variation in both variables and permits us to examine whether responses to procurement spending shocks vary across states. Our main...
Persistent link: https://www.econbiz.de/10013125231
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Fiscal Discriminations in Three Wars
Hall, George J. - 2013
In 1790, a U.S. paper dollar was widely held in disrepute (something shoddy was not 'worth a Continental'). By 1879, a U.S. paper dollar had become 'as good as gold.' These outcomes emerged from how the U.S. federal government financed three wars: the American Revolution, the War of 1812, and...
Persistent link: https://www.econbiz.de/10013082431
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Macroeconomic Effects from Government Purchases and Taxes
Barro, Robert J. - 2010
For U.S. annual data that include WWII, the estimated multiplier for temporary defense spending is 0.4-0.5 contemporaneously and 0.6-0.7 over two years. If the change in defense spending is "permanent" (gauged by Ramey's defense-news variable), the multipliers are higher by 0.1-0.2. The...
Persistent link: https://www.econbiz.de/10013150906
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Identifying Government Spending Shocks : It's All in the Timing
Ramey, Valerie A. - 2009
Do shocks to government spending raise or lower consumption and real wages? Standard VAR identification approaches show a rise in these variables, whereas the Ramey-Shapiro narrative identification approach finds a fall. I show that a key difference in the approaches is the timing. Both...
Persistent link: https://www.econbiz.de/10013155114