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San Francisco Stimulus Study

San Francisco Stimulus Study

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Published by Chad Whitehead

Argues against the stimulus.

Argues against the stimulus.

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Categories:Types, Research
Published by: Chad Whitehead on Dec 11, 2012
Copyright:Attribution Non-commercial


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Working Paper 2010-17
http://www.frbsf.org/publications/economics/papers/2010/wp10-17bk.pdf  The views in this paper are solely the responsibility of the author and should not beinterpreted as reflecting the views of the Federal Reserve Bank of San Francisco or theBoard of Governors of the Federal Reserve System. This paper was produced underthe auspices for the Center for the Study of Innovation and Productivity within theEconomic Research Department of the Federal Reserve Bank of San Francisco.
Fiscal Spending Jobs Multipliers:Evidence from the 2009 American Recovery andReinvestment Act
Daniel J. WilsonFederal Reserve Bank of San FranciscoOctober 2011
Fiscal Spending Jobs Multipliers:Evidence from the 2009 American Recovery and Reinvestment Act
Daniel J. Wilson*First draft: June 28, 2010This draft: October 5, 2011*
I would like to thank Ted Wiles for the superb research assistance he provided on this project. I also thank Alan Auerbach, Chris Carroll, Gabriel Chodorow-Reich,Raj Chetty, Bob Chirinko, Mary Daly, Steve Davis, Tracy Gordon, Jim Hines, Bart Hobijn, Atif Mian, Enrico Moretti, Emi Nakamura, Giovanni Peri, Jesse Rothstein, Matthew Shapiro, KenSimonson, Joel Slemrod, Jon Steinsson, Amir Sufi, John Williams and seminar participants atUC-Berkeley, U. of Michigan, the 2010 National Tax Association conference, and the FederalReserve Banks of Chicago and San Francisco for helpful comments and discussions. The viewsexpressed in the paper are solely those of the author and are not necessarily those of the FederalReserve Bank of San Francisco nor the Federal Reserve System.
Daniel J. WilsonFederal Reserve Bank of San FranciscoMail Stop 1130101 Market StreetSan Francisco, CA 94105PH: 415 974 3423FX: 415 974 2168Daniel.Wilson@sf.frb.org 
Fiscal Spending Jobs Multipliers:Evidence from the 2009 American Recovery and Reinvestment ActAbstract
This paper estimates the “jobs multiplier” of fiscal stimulus spending using the state-levelallocations 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 toexogenous 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 Codes: E62, H30, H50Keywords: Fiscal Multiplier, American Recovery and Reinvestment Act, Stimulus Spending

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