Industry Evidence on the Effects of Government Spending
通过构建行业面板数据，研究政府购买对产出、工时、实际工资和劳动生产率的影响，发现结果更符合新古典模型而非新凯恩斯模型。
This paper investigates the effects of government purchases at the industry level in order to shed light on the transmission mechanism for government spending on the aggregate economy. We create a new panel dataset that matches output and labor variables to industry-specific shifts in government demand. An increase in government demand raises output and hours, lowers real product wages and labor productivity, and has no effect on the markup. The estimates also imply approximately constant returns to scale. The findings are more consistent with the effects of government spending in the neoclassical model than the textbook New Keynesian model.