Language:
English
Pages:
1 Online-Ressource (circa 44 Seiten)
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Series Statement:
Policy research working paper 9244
Series Statement:
World Bank E-Library Archive
Series Statement:
Policy research working paper
Parallel Title:
Erscheint auch als Pennings, Steven Cross-Region Transfers in a Monetary Union: Evidence from the US and Some Implications
Keywords:
Graue Literatur
Abstract:
US federal transfers to individuals are large, countercyclical, vary geographically, and are often credited for helping stabilize regional economies. This paper estimates the short-run effects of these transfers using plausibly exogenous regional variation in temporary stimulus packages and earlier permanent Social Security increases. States that received larger transfers tended to grow faster contemporaneously, with a multiplier of around 1.5 for permanent transfers and 1/3 for temporary transfers. Results are broadly consistent with an open-economy New Keynesian model. At business-cycle frequencies, cross-region transfer multipliers are not large, suggesting only modest gains in regional stabilization from US federal automatic stabilizers
DOI:
10.1596/1813-9450-9244
URL:
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