... to the volatility of shocks have nonlinear effects on macroeconomic fluctuations that advance a novel interpretation of the Great Moderation. Finally, we provide a new account of the state-dependent effects of fiscal policy. Search complementarities Aggregate fluctuations Macroeconomic volatility Government...

... is written by (a) US Government employee(s) and is in the public domain in the US. Abstract Historically, large changes in U.S. government spending induced fiscal efforts that were not all alike, with some using more progressive taxes than others. We develop a heterogeneous-agent New Keynesian model...

... these effects, we examine election outcomes within neighboring counties by exploiting exogenous variation in municipal bond ratings due to Moody’s recalibration of its scale in 2010. Elections Credit ratings Financial constraints Municipal bonds Government spending Economic conditions D72 G24 H74...

..., consider demand-side and nature-based solutions, and become more competitive. It concludes that Brexit offers the opportunity for a more system-based approach to infrastructure planning and delivery. spending levels institutions and growth government spending interjurisdictional differences de...

...) of the aggregate economy. ³ Following that literature, we consider a model with heterogeneous agents, uninsurable employment risk, and borrowing constraints. We show that, due to financial frictions, the government spending multiplier can exceed one and fluctuate over time, because the fraction...

... are significantly welfare-improving. Productivity Innovation Basic research Applied research Research and development Government spending Endogenous growth Spillover J82 L25 L50 O31 O38 O40 Fostering innovation is one of the primary objectives of economists and policymakers. The amount of resources...

... (RDD). Our estimates imply a cost per job of about 8,000 US dollars per year and a local income multiplier around two. The effect comes mostly from employment in services and is more pronounced among less financially developed municipalities. Natural experiment “fuzzy” RD Government spending...

... to support social spending than individuals holding more individualistic beliefs ( Linos and West 2003 ). Religious beliefs also play a role in accounting for diverse attitudes towards government spending, with less religious people more in favor of a stronger government role ( Sanders 1988 ). Religious...

...&D. The empirical evidence presented here is largely supportive of the VoC conjecture, showing that government R&D funding is distinctly counter-cyclical in coordinated market economies. business cycle compensation hypothesis government spending recession R&D funding varieties...

...In this chapter, the area of interest is the public sector. It begins by assessing the major theoretical implications of government action such as government spending and public‐sector debt. It examines the effects of fiscal policy on public debt and interest rates and the role of the state...

... Buchholz W Clotfelter C Konrad K Malinvaud E Roberts R Shibata H Varian H Warr P public good tax charity subscription game consumption tax government spending fiscal deficit foreign debt In this Chapter we will study several models of charity and privately produced public goods and examine...

... behind these efforts. Government spending on infrastructure was uneven, in part due to the limited financial capacity of the state. famines law and justice railways Board of Control canal irrigation Canning Charles Dalhousie Lord Education Despatch education employment trends environment...

... Result of numerical analysis in a realistic case (outstanding bonds, tax rate, government spending, and inflation rate) Fig. 11.3 Maturity structure of government bonds (outstanding basis) Fig. 11.4 Result of numerical analysis in the second-best case (outstanding bonds, tax rate, government...

...This chapter considers whether there is a political budget cycle, in terms of an election year expansion in government spending in emerging market economies which may artificially enhance the economy. It examines the effects of elections on fiscal policy in Latin American economies with respect...

... with greater spending on police and firefighter salaries. Second, while there is a positive association between Democratic presidential vote in a city and total municipal government spending per capita, as earlier political representation research has shown, the chapter finds that much of that is due...

... television United Kingdom United States newspapers radio political information via New Zealand “fake news ” diplomacy support for government spending support for healthcare government involvement in public policy preferences generational identity Millennial Generation news consumption social...

...One response to deindustrialization in New England was a campaign by corporate interests to roll back social legislation and cut business taxes and government spending. The effort is known here as “retrenchment.” Retrenchment advocates argued that cutbacks were necessary to enhance...

...This introductory chapter provides an overview of how political representation occurs on government spending decisions—one of the most consequential powers of government. Political representation in Congress is, in large part, about how elected officials decide how to spend federal money. While...

...This chapter discusses the issues central to the idea of American exceptionalism. It also discusses the relative decline of American wealth and its causes and implications. Free trade, immigration, taxes, public debt and government spending, and human capital are discussed in relation to American...

... developments that compelled the Finance Ministry in fact to increase government spending. As a result, the Finance Ministry was able to accumulate enough specie and money in the reserve fund to redeem a sizable portion of fiat notes, back the issue of convertible paper money by the Bank of Japan, and finance...