Targeted Transfers and the Fiscal Response to the Great Recession
---- Acknowledgments ----
We are grateful to Alan Blinder, Janet Currie and Robert Hall for useful conversations that got us started on this topic, and to Betsy Feldman, Benjamin Mills, Valerie Ramey, Veronica Rappaport, Barbara Rossi, Stephanie Schmitt-Grohe, Martin Uribe, Michael Woodford, and Fabrizio Zilibotti for useful comments. Jorge Mejia provided excellent research assistance. First draft: August 2010. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.