The Multiplier for Federal Spending in the States During the Great Depression

Price Fishback · Valentina Kachanovskaya

56 citations0/0 files storedThe Journal of Economic History

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Fiscal Policy and Economic Growth Economic and Fiscal Studies Fiscal Policies and Political Economy

Abstract

To estimate the impact of federal spending on state incomes, we develop an annual panel data set between 1930 and 1940. Using panel methods we estimate that an added dollar of federal spending in the state increased state per capita income by between 40 and 96 cents. The point estimates for nonfarm grants are higher and for AAA farm grants are much smaller and negative in some cases. The spending led to increase in durable good spending on automobiles but had no positive effects on private employment.

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1989Is public expenditure productive?1992Regional Evolutions 1986Errors in variables in panel data 2014Fiscal Stimulus in a Monetary Union: Evidence from US Regions 1992Policy Watch: Infrastructure Investment and Economic Growth 2011Macroeconomic Effects From Government Purchases and Taxes *2011Can Government Purchases Stimulate the Economy?1981Output Effects of Government Purchases

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