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About the Author(s)


Alan Auerbach is the Robert D. Burch Professor of Economics and Law and directs the Burch Center for Tax Policy and Public Finance at the University of California, Berkeley, where he has taught since 1994. Auerbach has been an NBER research associate since 1978, the year he received his Ph.D. from Harvard University and joined the NBER's Program in Business Taxation and Finance, the ancestor of today's Public Economics Program. He also is a member of the Economic Fluctuations and Growth Program. His research interests span the fields of public economics and macroeconomics, with a particular focus, aside from recent work on fiscal multipliers, on the interaction of demographics and long-run fiscal policy and the effects and design of capital income taxation.

Auerbach previously has served as editor of the Journal of Economic Perspectives and American Economic Journal: Economic Policy and as vice president of the American Economic Association. He is currently president of the National Tax Association. He is also a Fellow of the Econometric Society and the American Academy of Arts and Sciences. A New York native, Auerbach received his B.A. from Yale University. He lives in Berkeley with his wife, Gay, with whom he enjoys hiking and (when there is snow) skiing around California.


Yuriy Gorodnichenko is an associate professor in the University of California, Berkeley, department of economics and a research associate in the NBER.

Gorodnichenko is an applied macroeconomist. A significant part of his research has been about monetary policy (effects, optimal design, inflation targeting), fiscal policy (countercyclical policy, government spending multipliers), taxation (tax evasion, inequality), economic growth (long-run determinants, globalization, innovation, financial frictions), pricing, and business cycles. He serves on many editorial boards, including The Review of Economics and Statistics and VoxUkraine ( He has written over 40 papers since he joined UC Berkeley in 2007; his work has been published in leading economics journals and cited in policy discussions and media. He has received numerous awards for his research and advising.

A native of Ukraine, Gorodnichenko received his B.A. and M.A. at EERC/Kyiv-Mohyla Academy (Kyiv, Ukraine) and his Ph.D. at the University of Michigan. He lives in Oakland, California, with his wife–also a professor at UC Berkeley–and son.


1. O. Blanchard and R. Perotti, "An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output," Quarterly Journal of Economics, 117(4), 2002, pp. 1329-68.   Go to ⤴︎
2. L. Christiano, M. Eichenbaum, and S. Rebelo, "When Is the Government Spending Multiplier Large?" Journal of Political Economy, 119(1), 2011, pp. 78–121; and M. Woodford, "Simple Analytics of the Government Expenditure Multiplier," American Economic Journal: Macroeconomics, 3(1), 2011, pp. 1-35.   Go to ⤴︎
3. A. Auerbach and Y. Gorodnichenko, "Measuring the Output Responses to Fiscal Policy," American Economic Journal: Economic Policy, 4(2), 2012, pp. 1-27.   Go to ⤴︎
4. See the discussion in V. Ramey, "Identifying Government Spending Shocks: It's all in the Timing," The Quarterly Journal of Economics, 126(1), 2011, pp. 1-50.   Go to ⤴︎
5. A. Auerbach and Y. Gorodnichenko, "Fiscal Multipliers in Recession and Expansion," in A. Alesina and F. Giavazzi, eds., Fiscal Policy after the Financial Crisis, Chicago, Illinois: University of Chicago Press, 2013, pp. 63-98.   Go to ⤴︎
6. Ò. Jordà, "Estimation and Inference of Impulse Responses by Local Projections," American Economic Review, 95(1), 2005, pp. 161-82.   Go to ⤴︎
7. For example, see S. Hebous and T. Zimmermann, "Estimating the Effects of Coordinated Fiscal Actions in the Euro Area," CESIFO Working Paper 3912, August 2012.   Go to ⤴︎
8. A. Auerbach and Y. Gorodnichenko, "Output Spillovers from Fiscal Policy," American Economic Review, 103(3), 2013, pp. 141-6.   Go to ⤴︎
9. A. Auerbach and Y. Gorodnichenko, "Fiscal Multipliers in Japan," NBER Working Paper 19911, February 2014.   Go to ⤴︎
10. V. Ramey and S. Zubairy, "Government Spending Multipliers in Good Times and in Bad: Evidence from U.S. Historical Data," NBER Working Paper 20719, November 2014.   Go to ⤴︎
11. For example, see E. Nakamura and J. Steinsson, "Fiscal Stimulus in a Monetary Union: Evidence from U.S. Regions," American Economic Review, 104(3), 2014, pp. 753-92, and G. Chodorow-Reich, L. Feiveson, Z. Liscow, and W. Woolston, "Does State Fiscal Relief During Recessions Increase Employment? Evidence from the American Recovery and Reinvestment Act." American Economic Journal: Economic Policy, 4 (3), 2012, pp. 118-45.   Go to ⤴︎
12. For example, we can differentiate between i) a period of binding ZLB in a recession and ii) a period of binding ZLB in an expansion. For the United States, we have enough daily observations to precisely estimate responses of macroeconomic variables to government spending shocks during these regimes.   Go to ⤴︎
13. A. Auerbach and Y. Gorodnichenko, "Effects of Fiscal Shocks in a Globalized World," NBER Working Paper 21100, April 2015.   Go to ⤴︎
14. Another source of high-frequency identification of government spending shocks could be the stock market. For example, Jonas Fisher and Ryan Peters use quarterly stock price movements of defense corporations to identify fiscal shocks. In principle, that can be done at a daily frequency. See J. Fisher and R. Peters, "Using Stock Returns to Identify Government Spending Shocks," Economic Journal, 120(544), 2010, pp. 414-26.   Go to ⤴︎
15. T. Monacelli and R. Perotti, "Fiscal Policy, the Real Exchange Rate, and Traded Goods," Economic Journal, 120(544), 2010, pp. 437-61. Go to ⤴︎

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