In response to the record-breaking COVID19 recession, many governments have adopted
unprecedented fiscal stimuli. While countercyclical fiscal policy is effective in fighting …

How large economic stimuli generate individual and aggregate responses is a central
question in economics, but has not been studied experimentally. We provided one‐time …

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 …

We develop a multisector, open economy, New Keynesian framework to evaluate how
potentially binding capacity constraints, and shocks to them, shape inflation. We show that …

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 …

We evaluate the effects of inequality, fiscal policy, and COVID19 restrictions in a model of
economic slack with potentially rigid capital operating costs. Rich households satiate their …

This study evaluates how the state of the economy, as measured by the rate of
unemployment, influences the short-term effects of tax changes on output and employment. I …

The phenomenon of Chinese-style capacity expansion is widespread and closely tied to the
interventionist behavior of local governments. Using data from A-share listed companies …

We examine the impact of a firm's robot adoption on the capacity utilization rate for Chinese
manufacturing firms between 2011 and 2019. Our result shows a significant positive …

Using firm-level survey data from Germany, this paper asks how do supply constraints
propagate monetary policy shocks? To answer this question, we first offer a general …