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 …

This paper discusses empirical approaches macroeconomists use to answer questions like:
What does monetary policy do? How large are the effects of fiscal stimulus? What caused …

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 …

We evaluate the employment effect of the green part of the largest fiscal stimulus in recent
history, the American Recovery and Reinvestment Act (ARRA). Each $1 million of green …

As nations struggle to restart their economy after COVID-19 lockdowns, calls to include
green investments in a pandemic-related stimulus are growing. Yet little research provides …

This article studies the effects of interregional spillovers from the American Recovery and
Reinvestment Act of 2009 (the Recovery Act). Using cross‐county commuting data, we …

We use regional variation in the American Recovery and Reinvestment Act (2009–12) to
analyse the effect of government spending on consumer spending. Our consumption data …

ABSTRACT I document the role of bank financing in the municipal bond market. Using a
unique institutional feature of the municipal market–the bank qualification–I show that a …