The short-run employment effects of public infrastructure investment
研究了永久性公共投资扩张对就业的短期刺激效应，发现由于劳动力需求的预期效应，就业在短期内就会上升，且衰退期乘数大于繁荣期。
I study the stimulus effects of a permanent expansion of public investment that improves long-run productivity. Through an anticipation effect on labor demand , the policy change raises employment already in the short-run. In a model with search and matching labor market , I characterize the employment multiplier of public investment analytically and show that it is larger in a recession than a boom. Calibrated to the US, the model yields an increase in employment of 0.26 percentage points one year after a permanent expansion of public investment by 1% of GDP. The anticipation effect accounts for 65% of the employment gain.