Fiscal Spending Jobs Multipliers: Evidence from the 2009 American Recovery and Reinvestment Act
2012 ◽
Vol 4
(3)
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pp. 251-282
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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 (ARRA) of 2009. Because the level and timing of stimulus funds that a state receives was potentially endogenous, I exploit the fact that most of these funds were allocated according to exogenous formulary allocation factors such as the number of federal highway miles in a state or its youth share of population. Cross-state IV results indicate that ARRA spending in its first year yielded about eight jobs per million dollars spent, or $125,000 per job. (JEL E24, E62, H72, H75, R23)
1995 ◽
Vol 17
(4)
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pp. 462-475
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2018 ◽
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