PA974-001Policy Responses to the Great RecessionLecture 15 (10/21/09)Instructor: Menzie ChinnFall 2009Recap: Time Dimension-.005.000.005.010.015.020.025.03008 09 10 11 12 13 14 15 16 17 18Stimuluspackageas share of GDPGeographic DistributionSource: CEA, 1stquarterly report on ARRA (9/10/09)Source: WSJhttp://online.wsj.com/public/resources/documents/JOBSMAP09.htmlGeographic DistributionSource: D. Wilson, Are Fiscal Stimulus Funds Going to the “Right” States? FRBSF EL 2009-14Sectoral DistributionSource: CEA, 1stquarterly report on ARRA (9/10/09)International DimensionNotes: assumes monetary policy holds rates constant for 2 years, then returns to Taylor rule. Source: Freedman and Kumhof (2009).International DimensionSource: BIS, Annual Report, 2009International Dimension: ChinaBank Lending as StimulusSource: Nick
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