-run and the time-to-build effect. Using Bayesian estimation methods, we find robust evidence supporting the presence of …

-run and the time-to-build effect. Using Bayesian estimation methods, we find robust evidence supporting the presence of …

stock of public capital-which is an external input in the production technology-subject to a time-to-build constraint. In … under relatively short time-to-build delays, the spending multiplier at the ZLB decreases with the fraction of public … spending multiplier at the ZLB is 4 to 5 times larger than in normal times when the time to build is 12 quarters. …

the longer-run as well as generate beneficial regional spillovers. While time-to-build delays can weaken the impact of the …