Countercyclical Policy and the Speed of Recovery after Recessions
研究了美国各州衰退后复苏的持续时间，发现全国性扩张货币政策、减税和联邦支出增加能缩短复苏时间，而周边经济困境和油价上涨则延长复苏时间。
Abstract We consider policies intended to accelerate recoveries by analyzing the duration of recoveries of U.S. states. Studying multiple recessions for a state and multiple states for a recession controls for differences in the economic conditions and the causes of recessions. Expansionary monetary policy at the national level helps to stimulate the exit of individual states from recession. Exogenous measures of decreases in taxes or targeted increases in federal spending reduce state recovery times, while ambient economic conditions (other states in the same region suffering from recession, the length of the preceding recession, and increases in oil prices) extend recovery times.