Does Fiscal Policy Matter? Blinder and Solow Revisited
---- Acknowledgements ----
We wish to thank the National Science Foundation for funding this research under grant 0720839. The title of this paper is borrowed from Blinder and Solow (1973) who asked the same question nearly forty years ago in the context of the IS-LM model. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.