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Cross-Region Transfers in a Monetary Union: Evidence from the US and Some Implications

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dc.contributor.authorPennings, Steven
dc.date.accessioned2020-05-14T21:03:13Z
dc.date.available2020-05-14T21:03:13Z
dc.date.issued2020-05
dc.description.abstractUS 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/486411589304789870/Cross-Region-Transfers-in-a-Monetary-Union-Evidence-from-the-US-and-Some-Implications
dc.identifier.doi10.1596/1813-9450-9244
dc.identifier.urihttps://hdl.handle.net/10986/33756
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 9244
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectFISCAL MULTIPLIER
dc.subjectFISCAL TRANSFER
dc.subjectMONETARY UNION
dc.subjectFEDERAL TRANSFERS
dc.subjectREGIONAL DEVELOPMENT
dc.subjectSTIMULUS PACKAGE
dc.subjectNEW KEYNESIAN MODEL
dc.subjectREGIONAL STABILIZATION
dc.subjectCORONAVIRUS
dc.subjectCOVID-19
dc.subjectPANDEMIC RESPONSE
dc.subjectCOUNTERCYCLICAL POLICY
dc.titleCross-Region Transfers in a Monetary Unionen
dc.title.subtitleEvidence from the US and Some Implicationsen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.associatedcontenthttps://openknowledge.worldbank.org/handle/10986/35532 Journal article
okr.crossref.titleCross-Region Transfers in a Monetary Union: Evidence from the US and Some Implications
okr.date.disclosure2020-05-12
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/486411589304789870/Cross-Region-Transfers-in-a-Monetary-Union-Evidence-from-the-US-and-Some-Implications
okr.guid486411589304789870
okr.identifier.doi10.1596/1813-9450-9244
okr.identifier.externaldocumentum090224b0880e73cf_4_0
okr.identifier.internaldocumentum32029505
okr.identifier.reportWPS9244
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/486411589304789870/pdf/Cross-Region-Transfers-in-a-Monetary-Union-Evidence-from-the-US-and-Some-Implications.pdfen
okr.region.countryUnited States
okr.statistics.combined1277
okr.statistics.dr486411589304789870
okr.statistics.drstats802
okr.topicMacroeconomics and Economic Growth::Business Cycles and Stabilization Policies
okr.topicMacroeconomics and Economic Growth::Economic Assistance
okr.topicMacroeconomics and Economic Growth::Economic Stabilization
okr.topicMacroeconomics and Economic Growth::Macroeconomic Management
okr.topicMacroeconomics and Economic Growth::Regional Economic Development
okr.topicMacroeconomics and Economic Growth::Taxation & Subsidies
okr.unitDevelopment Research Group, Development Economics
relation.isAuthorOfPublication83daf4e9-5061-5f1f-b16b-68116394433c
relation.isAuthorOfPublication.latestForDiscovery83daf4e9-5061-5f1f-b16b-68116394433c
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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