Should we trust cross‐sectional multiplier estimates?
研究了当数据由空间宏观模型生成时，横截面估计乘数、弹性或传导率存在的偏差，特别是单位动态异质性导致的偏差，并提出了解决方法，最后用美国各州地方财政乘数估计值进行了比较。
Summary I examine the properties of cross‐sectional estimators of multipliers, elasticities, or pass‐throughs when a conventional spatial macroeconomic specification generates the data. A number of important biases plague standard estimates; the most relevant one occurs when the units display heterogeneous dynamics. Methods that work well in this situation are suggested. An experimental setting shows the magnitude of the biases cross‐sectional estimators display. Average estimates of local fiscal multipliers in the US states are compared and contrasted.