We estimate local fiscal multipliers and spillovers for the United States using a rich dataset
based on US Department of Defense contracts and a variety of outcome variables relating to …

In the aftermath of the consumer debt–induced recession, policymakers have questioned
whether fiscal stimulus is effective during periods of high consumer indebtedness. This study …

The paper re-investigates the effects of government spending shocks on the real exchange
rate and inflation, using US data. In opposition to some previous puzzling results, we find …

Demand shocks lower firm financing premiums by increasing the present value of cash-flow,
thereby easing firm financing constraints. We study the effects of unanticipated federal …

Credit markets typically freeze in recessions: access to credit declines, and the cost of credit
increases. A conventional policy response is to rely on monetary tools to saturate financial …

Local government expenditures are increasingly financed by debt, mostly consisting of bank
loans. I study the crowding out effect of these loans on corporate credit, investment …

Public procurement accounts for one-third of government spending. In this paper, I
document a new mechanism through which government procurement promotes firm growth …

Fiscal policy is one of the instruments used by the government in dealing with economic
crises. The recent COVID-19 pandemic crisis has different characteristics from the previous …

Background: In quantum mechanics, the observer effect categorically states that observing a
phenomenon changes it. This research explores a probabilistic interpretation of …

This paper investigates the interaction between fiscal policy transmission and fiscal
sustainability, captured through the concept of fiscal space. In order to measure the …