Data and code for: Cross-Region Transfer Multipliers in a Monetary Union: Evidence from Social Security and Stimulus Payments

Principal Investigator(s):  View help for Principal Investigator(s) Steven Pennings, World Bank

Version:  View help for Version V1

Name File Type Size Last Modified
  Ado 12/01/2020 04:23:PM
  Appendix 12/01/2020 04:23:PM
  DoFiles 12/01/2020 04:23:PM
  InputData 12/01/2020 04:23:PM
  Logs 12/01/2020 04:23:PM
  PreliminaryDataConstruction 12/01/2020 04:24:PM
  RegressionData 12/01/2020 04:24:PM
  Results 12/01/2020 04:24:PM
  Temp 12/01/2020 04:23:PM
  TheoreticalModel 12/01/2020 04:24:PM

Project Citation: 

Pennings, Steven. Data and code for: Cross-Region Transfer Multipliers in a Monetary Union: Evidence from Social Security and Stimulus Payments. Nashville, TN: American Economic Association [publisher], 2021. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2021-04-09. https://doi.org/10.3886/E126442V1

Project Description

Summary:  View help for Summary US federal transfers to individuals are large, countercyclical, vary geographically, and are often credited with helping to stabilize regional economies. This paper estimates the short-run effects of these transfers using plausibly exogenous regional variation in temporary stimulus payments and permanent Social Security benefit increases. States that received larger transfers tended to grow faster contemporaneously, with a multiplier of around 1.5 for permanent transfers and 1/3 for temporary transfers. Results are broadly consistent with an open-economy New Keynesian model. At business cycle frequencies, cross-region transfer multipliers are not large, suggesting only modest gains in regional stabilization from US federal automatic stabilizers.

Scope of Project

Subject Terms:  View help for Subject Terms Fiscal Multiplers; Transfers to individuals
JEL Classification:  View help for JEL Classification
      E62 Fiscal Policy
      F41 Open Economy Macroeconomics
      F45 Macroeconomic Issues of Monetary Unions
Geographic Coverage:  View help for Geographic Coverage United States
Time Period(s):  View help for Time Period(s) 1952 – 1974; 2001 – 2008
Collection Date(s):  View help for Collection Date(s) 2015 – 2018
Universe:  View help for Universe US State-level Data
Data Type(s):  View help for Data Type(s) aggregate data

Methodology

Unit(s) of Observation:  View help for Unit(s) of Observation US State; Quarterly
Geographic Unit:  View help for Geographic Unit US State

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Published Versions

V1 [2021-04-09]

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