In Search of the Multiplier for Federal Spending in the States During the Great Depression
---- Acknowledgements -----
The authors would like to thank Shawn Kantor, John Wallis, and Paul Rhode for providing access to data and their valuable advice. We benefitted greatly from extensive conversations with Robert Barro. We also thank Harold Cole, Alfonso Flores-Lagunes, Benjamin Friedman, Claudia Goldin, Kei Hirano, William Horrace, Shawn Kantor, Larry Katz, Aart Kraay, David Laibson, Emi Nakamura, Ron Oaxaca, Valerie Ramey, Christina Romer, David Romer, Jon Steinnson, James Stock, John Wallis, and participants at the following workshops and conferences for their helpful comments on the paper: Harvard, Oxford, London School of Economics, Warwick, Michigan, UC San Diego, Vermont, Clemson, Dartmouth, Guelph, Simon Fraser, University of British Columbia, Richmond, Federal Reserve Bank of Chicago, University College London, NBER Summer Institute Development of the American Economy 2009, NBER Summer Institute Monetary Economics 2011, and the All-UC Economic History Conference in Pasadena 2011. Ruth Penniston, Lisa Glasgow, and Omar Farooque provided excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.