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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w24093 |
来源ID | Working Paper 24093 |
Did the American Recovery and Reinvestment Act Help Counties Most Affected by the Great Recession? | |
Mario J. Crucini; Nam T. Vu | |
发表日期 | 2017-12-11 |
出版年 | 2017 |
语种 | 英语 |
摘要 | One of the statements of purpose of the American Recovery and Reinvestment Act (ARRA) was “to assist those most impacted by the recession.” To consider this facet, the grants-in-aid portion of the ARRA is assessed from the perspective of fiscal federalism. We estimate a trend-stationary autoregressive model of county-level wage income dynamics where each county is subject to a common shock (with county-specific factor loading) and an idiosyncratic shock. We then ask if counties that experienced larger negative wage income shocks during the Great Contraction subsequently received more transfers per capita in the form of grants-in-aid. The fact that the negative business cycle shocks pre-date the passage of the ARRA and subsequent disbursements allows identification of the risk-pooling channel of the grants before fiscal multiplier effects confound these two channels. We find statistically significant and economically large risk-pooling effects. |
主题 | Microeconomics ; Market Structure and Distribution ; Macroeconomics ; Business Cycles ; Fiscal Policy |
URL | https://www.nber.org/papers/w24093 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581766 |
推荐引用方式 GB/T 7714 | Mario J. Crucini,Nam T. Vu. Did the American Recovery and Reinvestment Act Help Counties Most Affected by the Great Recession?. 2017. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w24093.pdf(855KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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