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Heterogeneous Spending, Heterogeneous Multipliers

Author

Listed:
  • Umberto Muratori
  • Pedro Juarros
  • Daniel Valderrama

Abstract

Do local fiscal multipliers depend on what the government purchases? We find that government purchases of services have larger effects on employment than spending on goods. Industries producing services are more labor-intensive than industries producing goods. This heterogeneity in labor intensity is an important mechanism behind these results. Spending directed toward labor-intensive industries generates stronger increases in employment and labor income relative to spending toward non-labor-intensive industries.

Suggested Citation

  • Umberto Muratori & Pedro Juarros & Daniel Valderrama, 2023. "Heterogeneous Spending, Heterogeneous Multipliers," IMF Working Papers 2023/052, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2023/052
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