Are government spending multipliers greater during periods of slack? Evidence from twentieth-century historical data

American Economic Review

Volumn 103, Issue 3, 2013, Pages 129-134

  Owyang, Michael T ^a   Ramey, Valerie A ^b   Zubairy, Sarah ^c  

^a FEDERAL RESERVE BANK OF ST LOUIS   (United States)

^b UNIVERSITY OF CALIFORNIA   (United States)

^c BANK OF CANADA   (Canada)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84879074625     PISSN: 00028282     EISSN: None     Source Type: Journal    
DOI: 10.1257/aer.103.3.129     Document Type: Conference Paper

References (9)

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2. Auerbach, Alan J., and Yuriy Gorodnichenko. Forthcoming. "Fiscal Multipliers in Recession and Expansion." In Fiscal Policy after the Financial Crisis, edited by Alberto Ale-sina and Francesco Giavazzi. Chicago: University of Chicago Press.
3. Barro, Robert J., and Charles J. Redlick. 2011. "Macroeconomic Effects from Government Purchases and Taxes." Quarterly Journal of Economics 126 (1): 51-102.
4. Crafts, Nicholas, and Terence C. Mills. 2012. "Rearmament to the Rescue? New Estimates of the Impact of 'Keynesian' Policies in 1930s Britain." Unpublished.
5. Fazzari, Steven M., James Morley, and Irina Panovska. 2012. "State-Dependent Effects of Fiscal Policy." Unpublished.
6. Gordon, Robert J., and Robert Krenn. 2010. "The End of the Great Depression 1939-41: Policy Contributions and Fiscal Multipliers." National Bureau of Economic Research Working Paper 16380.
7. Hall, Robert E. 2009. "By How Much Does GDP Rise If the Government Buys More Output?" Brookings Papers on Economic Activity: 183-231.
8. Jordà, Òscar. 2005. "Estimation and Inference of Impulse Responses by Local Projections." American Economic Review 95 (1): 161-82.
9. Ramey, Valerie A. 2011. "Identifying Government Spending Shocks: It's All in the Timing." Quarterly Journal of Economics 126 (1): 1-50.