On Measuring the Effects of Fiscal Policy in Recessions

Jonathan A. Parker

NBER Working Paper No. 17240
Issued in July 2011

---- Acknowledgements -----

This paper was prepared for the Journal of Economic Literature forum, The Multiplier. The author thanks Martin Eichenbaum, Lawrence Christiano, Pierre-Olivier Gourinchas, Ricardo Reis, and Michael Woodford for very helpful discussions and comments. This research was funded by the Kellogg School. In addition to being faculty at the Kellogg School, the author serves as an academic consultant and adviser for the Federal Reserve Bank of Chicago, and served as a Special Adviser on Financial Stability for the US Department of the Treasury during 2009. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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