Fiscal Policy and Economic Recovery: The Case of the 1936 Veterans' Bonus
研究1936年美国退伍军人奖金这一财政刺激政策，发现退伍军人将大部分奖金用于消费，边际消费倾向在0.6至0.75之间，支出主要集中在汽车和住房，表明财政政策在当时是有效的。
Conventional wisdom has it that in the 1930s fiscal policy did not work because it was not tried. This paper shows that fiscal policy was tried in 1936. The veterans' bonus of 1936 paid 2 percent of GDP to 3.2 million veterans; the typical veteran received a payment equal to per capita income. Multiple sources, including a household consumption survey, show that veterans spent the majority of their bonus. Point estimates of the MPC are between 0.6 and 0.75. Spending was concentrated on cars and housing in particular.