The Multiplier for Federal Spending in the States During the Great Depression
利用1930-1940年州级面板数据，估计联邦支出每增加1美元，州人均收入增加40-96美分，非农补助乘数更高，农业补助乘数较小甚至为负，支出促进了汽车消费但对私人就业无正面影响。
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.