NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Long Shadow of a Fiscal Expansion

Chong-En Bai, Chang-Tai Hsieh, Zheng Michael Song

NBER Working Paper No. 22801
Issued in November 2016

---- Acknowledgments ----

We thank the editors of the Brookings Papers, Maury Obstfeld, and Linda Tesar for extremely helpful comments. We also thank Xueting Wen for excellent research assistance. 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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