NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Are Government Spending Multipliers Greater During Periods of Slack? Evidence from 20th Century Historical Data

Michael T. Owyang, Valerie A. Ramey, Sarah Zubairy

NBER Working Paper No. 18769
Issued in February 2013

---- Acknowledgements -----

This paper was prepared for the American Economic Review Papers and Proceedings. The authors thank Robert Barro and Gordon Liao for use of their Canadian newspaper excerpts, Michelle Alexopoulos for providing us with some of the historical Canadian data, and Alan Blinder for alerting us to a discrepancy in an earlier version of the data. We are also grateful to Òscar Jordà and Garey Ramey for very helpful suggestions and to Kate Vermann for research assistance. The views expressed herein should not be taken to be the official opinions of the Federal Reserve Bank of St. Louis, the Federal Reserve System, the Bank of Canada, or the National Bureau of Economic Research.

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