GOVERNMENT SPENDING, ENTRY, AND THE CONSUMPTION CROWDING‐IN PUZZLE
发现美国政府支出扩张后企业净进入显著增加，并检验了多种模型特征能否同时解释消费挤入和企业进入的增加，发现提升效用或生产率的公共支出能更好地拟合数据。
This article documents empirically that net firm entry robustly rises after a U.S. government spending expansion. We use this new finding to test the empirical validity of various model features that have been proposed to generate consumption crowding‐in after positive expenditure shocks. Endogenous‐entry models typically fail to generate the observed joint increase in consumption and entry. Model features that dampen the wealth effect, such as rule‐of‐thumb households or complementarity between labor and consumption in preferences, tend to reduce entry. We show that utility‐ or productivity‐enhancing public spending can reconcile the model with our documented fact and performs well empirically.