We explore a century-long dataset with a Markov-switching structural VAR to estimate state-dependent government spending multipliers. We show that the multiplier values are statistically larger during recessions than during expansions. However, the multipliers are always smaller than 1. Our...

This study examines how the changing composition of adult educational attainment in cities affects the distribution of wages and rents in those cities. We extend the Rosen-Roback spatial equilibrium model to show that as the share of college graduates increases, the impact of this change on the...