Fiscal Multipliers in Recession and Expansion

Alan J. Auerbach, Yuriy Gorodnichenko

NBER Working Paper No. 17447
Issued in September 2011

---- Acknowledgments ----

This paper is being prepared for the NBER conference, Fiscal Policy after the Financial Crisis, to be held in Milan, December, 2011. We thank participants in the July, 2011 pre-conference for comments on an earlier draft. 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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