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| 003 | ES-MaIEF | ||
| 005 | 20211117133227.0 | ||
| 007 | ta | ||
| 008 | 211117t2021 us ||||| |||| 00| 0|eng d | ||
| 040 |
_aES-MaIEF _bspa _cES-MaIEF |
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| 100 | 1 |
_966866 _aBasso, Henrique S. |
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| 245 | 4 |
_aThe young, the old, and the Government _bdemographics and fiscal multipliers _c Henrique S. Basso, Omar Rachedi |
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| 260 | _c2021 | ||
| 500 | _aResumen. | ||
| 504 | _aBibliografía. | ||
| 520 | _aWe document that government spending multipliers depend on the population age structure. Using the variation in military spending and birth rates across US states, we show that the local fiscal multiplier is 1.5 and increases with the population share of young people, implying multipliers of 1.1–1.9 in the interquartile range. A parsimonious life cycle open economy New Keynesian model with credit market imperfections and age-specific differences in labor supply and demand explains 87 percent of the relationship between local multipliers and demographics. The model implies that the US population aging between 1980 and 2015 caused a 38 percent drop in national government spending multipliers. | ||
| 650 | 4 |
_948131 _aPRESUPUESTOS |
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| 650 |
_aGASTO PUBLICO _944787 |
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| 650 |
_aPOLITICA FISCAL _948067 |
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| 650 |
_aPOBLACION _948031 |
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| 650 |
_aENVEJECIMIENTO _943695 |
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| 650 |
_aESTADOS UNIDOS _942888 |
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| 650 | 4 |
_960117 _aEFECTO MULTIPLICADOR |
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| 700 | 1 |
_966867 _aRachedi, Omar |
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| 773 | 0 |
_9166068 _oOP 2137/2021/4 _tAmerican Economic Journal : Macroeconomics _w(IEF)64915 _x 1945-7707 _gv. 13, n. 4, October 2021, p. 110-141 |
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| 942 | _cART | ||