Publication:
Cross-Region Transfer Multipliers in a Monetary Union: Evidence from Social Security and Stimulus Payments

dc.contributor.authorPennings, Steven
dc.date.accessioned2021-04-30T15:20:04Z
dc.date.available2021-04-30T15:20:04Z
dc.date.issued2021-05
dc.description.abstractUS federal transfers to individuals are large, countercyclical, vary geographically, and are often credited with helping to stabilize regional economies. This paper estimates the short-run effects of these transfers using plausibly exogenous regional variation in temporary stimulus payments and permanent Social Security benefit 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.en
dc.identifier.citationAmerican Economic Review
dc.identifier.urihttps://hdl.handle.net/10986/35532
dc.publisherAmerican Economic Association
dc.rightsCC BY 3.0 IGO
dc.rights.holderAmerican Economic Association
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectBUSINESS CYCLE
dc.subjectFISCAL POLICY
dc.subjectSUBSIDIES
dc.subjectSOCIAL PROTECTION
dc.subjectSTIMULUS PAYMENT
dc.subjectCOUNTERCYCLICAL POLICY
dc.subjectINTERGOVERNMENTAL TRANSFERS
dc.titleCross-Region Transfer Multipliers in a Monetary Unionen
dc.title.subtitleEvidence from Social Security and Stimulus Paymentsen
dc.typeJournal Articleen
dc.typeArticle de journalfr
dc.typeArtículo de revistaes
dspace.entity.typePublication
okr.associatedcontenthttps://www.aeaweb.org/articles?id=10.1257/aer.20190240 Journal website (version of record)en
okr.date.disclosure2021-04-30
okr.doctypePublications & Research
okr.doctypePublications & Research::Journal Article
okr.externalcontentExternal Content
okr.identifier.doi10.1257/aer.20190240
okr.identifier.report161477
okr.journal.nbpages1689-1719
okr.language.supporteden
okr.peerreviewAcademic Peer Review
okr.topicMacroeconomics and Economic Growth::Business Cycles and Stabilization Policies
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.topicMacroeconomics and Economic Growth::Taxation & Subsidies
okr.topicPoverty Reduction::Services & Transfers to Poor
okr.topicSocial Protections and Labor::Safety Nets and Transfers
okr.topicSocial Protections and Labor::Social Funds and Pensions
okr.topicSocial Protections and Labor::Social Protections & Assistance
okr.unitDECMG Macroeconomics and Growth, Development Economics
okr.volume111(5)
relation.isAuthorOfPublication83daf4e9-5061-5f1f-b16b-68116394433c
relation.isAuthorOfPublication.latestForDiscovery83daf4e9-5061-5f1f-b16b-68116394433c
Files
Original bundle
Now showing 1 - 1 of 1
Loading...
Thumbnail Image
Name:
aer.20190240.pdf
Size:
680.44 KB
Format:
Adobe Portable Document Format
Description:
Journal Article
License bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
license.txt
Size:
1.71 KB
Format:
Item-specific license agreed upon to submission
Description: