影响美国复苏和再投资的行为
Effects of the American Recovery and Reinvestment Act

We use state and county level variation to examine the impact of the American Recovery and Reinvestment
Act on employment. A cross state analysis suggests that one additional job was created by each $170,000
in stimulus spending. Time series analysis at the state level suggests a smaller response with a per
job cost of about $400,000. These results imply Keynesian multipliers between 0.5 and 1.0, somewhat
lower than those assumed by the administration. However, the overall results mask considerable variation
for different types of spending. Grants to states for education do not appear to have created any additional
jobs. Support programs for low income households and infrastructure spending are found to be highly
expansionary. Estimates excluding education spending suggest fiscal policy multipliers of about 2.0
with per job cost of under $100,000.