| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16189 |
| DP16189 Regional Consumption Responses and the Aggregate Fiscal Multiplier | |
| William Dupor; Marios Karabarbounis; Marianna Kudlyak; M. Saif Mehkari | |
| 发表日期 | 2022-03-14 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We use regional variation in the American Recovery and Reinvestment Act (2009-2012) to analyze the effect of government spending on consumer spending. Our consumption data come from household-level retail purchases in the Nielsen scanner data and auto purchases from Equifax credit balances. We estimate that a $1 increase in county-level government spending increases local non-durable consumer spending by $0.29 and local auto spending by $0.09. We translate the regional consumption responses to an aggregate fiscal multiplier using a multi-region, New Keynesian model with heterogeneous agents, incomplete markets, and trade linkages. Our model is consistent with the estimated positive local multiplier, a result that distinguishes our incomplete markets model from models with complete markets. At the zero lower bound, the aggregate consumption multiplier is twice as large as the local multiplier because trade linkages propagate the effect of government spending across regions. |
| 主题 | Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp16189-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546081 |
| 推荐引用方式 GB/T 7714 | William Dupor,Marios Karabarbounis,Marianna Kudlyak,et al. DP16189 Regional Consumption Responses and the Aggregate Fiscal Multiplier. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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