Ramey, Valerie A. <br/><br/>
Ten Years after the Financial Crisis:  What Have We Learned from the Renaissance in Fiscal Research? / 
Valerie A. Ramey. 
 - Cambridge, Mass.  National Bureau of Economic Research  2019. 
 - 1 online resource:  illustrations (black and white); 
 - NBER working paper series  no. w25531 .
 - Working Paper Series (National Bureau of Economic Research)  no. w25531. .
<br/><br/> February 2019. 
<br/><br/> This paper takes stock of what we have learned from the "Renaissance" in fiscal research in the ten years since the financial crisis.  I first summarize the new innovations in methodology and discuss the various strengths and weaknesses of the main approaches.  Reviewing the estimates, I come to the surprising conclusion that the bulk of the estimates for average spending and tax change multipliers lie in a fairly narrow range, 0.6 to 1 for spending multipliers and -2 to -3 for tax change multipliers. However, I identify economic circumstances in which multipliers lie outside those ranges.  I conclude by reviewing the debate on whether multipliers were higher on the stimulus spending in the U.S. and the fiscal consolidations in Europe. 
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