000			01217nam a22001457a 4500
999			_c527483 _d527483
008			240902b ||||| |||| 00| 0 eng d
100			_aAuerbach, A.J., Gorodnichenko, Y. and Murphy, D. _957687
245			_aMacroeconomic frameworks: Reconciling evidence and model predictions from demand shocks
260			_aAmerican Economic Journal: Macroeconomics
300			_a16(3), Jul, 2024: p.190-229
520			_aHow do demand shocks affect the economy? We exploit detailed data on US defense spending to examine a large set of outcome variables in response to well-identified local demand shocks, jointly examining new outcomes (e.g., firm entry and housing rents) and other key macroeconomic outcomes and elasticities that previously have been estimated separately or in settings with weaker identification. We find that government spending crowds in employment, firm entry, private consumption, and labor productivity while also increasing local housing rents. To reconcile the evidence with theory, we study a model of economic slack.- Reproduced https://www.aeaweb.org/articles?id=10.1257/mac.20210033
773			_aAmerican Economic Journal: Macroeconomics
906			_aMACROECONOMICS
942			_cAR