Macroeconomic Frameworks: Reconciling Evidence and Model Predictions from Demand Shocks
利用美国国防支出的详细数据，研究需求冲击对就业、企业进入、私人消费、劳动生产率和住房租金等变量的影响，并构建经济松弛模型来调和证据与理论。
How do demand shocks affect the economy? We exploit detailed data on US defense spending to examine a large set of outcome variables in response to well-identified local demand shocks, jointly examining new outcomes (e.g., firm entry and housing rents) and other key macroeconomic outcomes and elasticities that previously have been estimated separately or in settings with weaker identification. We find that government spending crowds in employment, firm entry, private consumption, and labor productivity while also increasing local housing rents. To reconcile the evidence with theory, we study a model of economic slack.