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Keywords:regional variation 

Working Paper
Regional Consumption Responses and the Aggregate Fiscal Multiplier

We use regional variation in the American Recovery and Reinvestment Act (2009-2012) to analyze the effect of government spending on consumer spending. Our consumption data come from household-level retail purchases in Nielsen and auto purchases from Equifax credit balances. We estimate that a $1 increase in county-level government spending increases consumer spending by $0.29. We translate the regional consumption responses to an aggregate fiscal multiplier using a multi-region, New Keynesian model with heterogeneous agents and incomplete markets. Our model successfully generates the ...
Working Papers , Paper 2018-4

Briefing
Estimating Aggregate Fiscal Multipliers from Local Data

Variations among regions in their responses to economic policies can be used to estimate the effects of those policies at the national level while minimizing or eliminating issues of reverse causation. Recent research has employed county-level data to look at the effects of federal government spending ? in particular, the 2009?12 stimulus ? on aggregate consumption.
Richmond Fed Economic Brief , Issue May

Working Paper
Regional Consumption Responses and the Aggregate Fiscal Multiplier

We use regional variation in the American Recovery and Reinvestment Act (2009-2012) to analyze the effect of government spending on consumer spending. Our consumption data come from household-level retail purchases in Nielsen and auto purchases from Equifax credit balances. We estimate that a $1 increase in county-level government spending increases consumer spending by $0.18. We translate the regional consumption responses to an aggregate fiscal multiplier using a multi-region, New Keynesian model with heterogeneous agents and incomplete markets. Our model successfully generates the ...
Working Paper , Paper 18-4

Working Paper
National Bank Examinations and Operations in the Early 1890s

We use information from examination reports to enrich our understanding of both the examination process and bank operations for National Banks in the early 1890s, the height of the National Banking Era. We describe the examination process and its frequency, as well as the information contained in the examinations relating to bank ownership and corporate governance, the composition and quality of the loan book, dividend payments made by the banks, and the use of different types of liabilities. Our sample of banks is from the larger cities, including several reserve cities, which allows us to ...
Finance and Economics Discussion Series , Paper 2014-19

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