Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
This paper investigates the consequences of an exogenous increase in U.S. government purchases. We find that in response to such a shock, employment, output, and nonresidential investment rise, while real wages, residential investment and consumption expenditures fall. The paper argues that a simple variant of the neoclassical growth model which distinguishes between non-residential investment is consistent with this evidence. (Copyright: Elsevier)