全球智库信息集成服务系统(G2TT): Did the American Recovery and Reinvestment Act Help Counties Most Affected by the Great Recession?

G2TT

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.

条目包含的文件
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