When deep recessions hit, some governments spend to rescue and recover their
economies. Key economic objectives of such countercyclical spending include protecting …

Fiscal stimuli to recover? A cascade of academic and layman articles debate the
effectiveness of fiscal policy in stimulating the economy backed up by different economic …

The term “austerity” indicates a policy of sizeable reduction of govern-ment deficits and
stabilization of government debt achieved by means of spending cuts or tax increases, or …

We use rich historical data on military procurement to estimate the effects of government
spending. We exploit regional variation in military buildups to estimate an “open economy …

We show that the correct experiment to evaluate the effects of a fiscal adjustment is the
simulation of a multi-year fiscal plan rather than of individual fiscal shocks. Simulation of …

This paper explains the key factors that determine the output multiplier of government
purchases in New Keynesian models, through a series of simple examples that can be …

We attempt to replicate 67 papers published in 13 well-regarded economics journals using
author-provided replication files that include both data and code. Some journals in our …

We quantify government spending multipliers in US data using Bayesian prior and posterior
analysis of a monetary model with fiscal details and two distinct monetary-fiscal policy …

This paper studies how the effects of government spending vary with the economic
environment. Using a panel of OECD countries, we identify fiscal shocks as residuals from …

Renewed interest in fiscal policy has increased the use of quantitative models to evaluate
policy. Because of modelling uncertainty, it is essential that policy evaluations be robust to …