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@techreport{NBERw25531,
 title = "Ten Years after the Financial Crisis:  What Have We Learned from the Renaissance in Fiscal Research?",
 author = "Ramey, Valerie A",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "25531",
 year = "2019",
 month = "February",
 doi = {10.3386/w25531},
 URL = "http://www.nber.org/papers/w25531",
 abstract = {This paper takes stock of what we have learned from the “Renaissance” in fiscal research in the ten years since the financial crisis.  I first summarize the new innovations in methodology and discuss the various strengths and weaknesses of the main approaches.  Reviewing the estimates, I come to the surprising conclusion that the bulk of the estimates for average spending and tax change multipliers lie in a fairly narrow range, 0.6 to 1 for spending multipliers and -2 to -3 for tax change multipliers. However, I identify economic circumstances in which multipliers lie outside those ranges.  I conclude by reviewing the debate on whether multipliers were higher on the stimulus spending in the U.S. and the fiscal consolidations in Europe.},
}