NDLI: Recovery and Reinvestment Act spending at the state level: Keynesian stimulus or distributive politics?

Content Provider	Springer Nature Link
Author	Young, Andrew T. Sobel, Russell S.
Copyright Year	2011
Abstract	We examine the US state-level pattern of American Recovery and Reinvestment Act (ARRA) spending. We relate spending to (1) Keynesian determinants of countercyclical policy, (2) congressional power and dominance, and (3) presidential electoral vote importance. We find that the ARRA is, in practice, poorly designed countercyclical stimulus. After controlling for political variables, coefficients on Keynesian variables are often statistically insignificant. When they are statistically significant they are often the “incorrect” sign. On the other hand, statistically significant effects are associated with majority party House of Representative appropriations subcommittee and authorization committee membership. One striking result is that the elasticity of ARRA spending with respect to the pre-ARRA ratio of federal grants and payments to federal taxes paid is estimated to be greater than unity in most specifications. States previously capturing large amounts of federal funds continue to do so under the ARRA stimulus.
Starting Page	449
Ending Page	468
Page Count	20
File Format	PDF
ISSN	00485829
Journal	Public Choice
Volume Number	155
Issue Number	3-4
e-ISSN	15737101
Language	English
Publisher	Springer US
Publisher Date	2011-09-13
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Fiscal stimulus Fiscal policy Political economy Public choice Congressional dominance model American Recovery and Reinvestment Act Public Finance & Economics Political Science
Content Type	Text
Resource Type	Article
Subject	Sociology and Political Science Economics and Econometrics

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