NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Optimal Use of Government Purchases for Stabilization

Pascal Michaillat, Emmanuel Saez

NBER Working Paper No. 21322
Issued in July 2015, Revised in October 2016

---- Acknowledgments ----

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.

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