The Optimal Use of Government Purchases for Stabilization
NBER Working Paper No. 21322
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Previously circulated as "The Optimal Use of Government Purchases for Macroeconomic Stabilization." We thank George Akerlof, Emmanuel Farhi, Mikhail Golosov, Roger Gordon, Yuriy Gorodnichenko, Henrik Kleven, Michael Peters, David Romer, and numerous seminar and conference participants for helpful discussions and comments. This work was supported by the Center for Equitable Growth at the University of California–Berkeley, the British Academy, the Economic and Social Research Council [grant number ES/K008641/1], the Institute for New Economic Thinking, and the Sandler Foundation. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.