This chapter reviews and synthesizes our current understanding of the shocks that drive
economic fluctuations. The chapter begins with an illustration of the problem of identifying …

Background The COVID-19 pandemic has had a range of negative social and economic
effects that may contribute to a rise in mental health problems. In this observational …

This paper takes stock of what we have learned from the “Renaissance” in fiscal research in
the ten years since the financial crisis. I first discuss the new innovations in methodology and …

The upsurge of shadow banking is typically driven by rising financing demand from certain
real sectors. In China, the 4 trillion yuan stimulus package in 2009 was behind the rapid …

A geographic cross-sectional fiscal spending multiplier measures the effect of an increase in
spending in one region of a monetary union. Empirical studies of such multipliers have …

Public capital can play an important role in increasing long-run output and standards of
living. Because of nonrivalry in consumption, non excludability in use, or both, the private …

Tourism is a fast-growing services sector in developing countries. This paper combines a
rich collection of Mexican microdata with a quantitative spatial equilibrium model and a new …

Transport infrastructure investment is a cornerstone of growth‐promoting strategies.
However, the link between infrastructure investment and economic performance remains …

Investments in physical infrastructure induce environmental changes that serve both an
enabling and disabling function, potentially acting to simultaneously stimulate new business …

This paper estimates the “jobs multiplier” of fiscal stimulus spending using the state-level
allocations of federal stimulus funds from the American Recovery and Reinvestment Act …