Papers by Valerie A. Ramey

Showing 6 papers

Published Classic Journal of Economic Literature Published Sep 2011

Can Government Purchases Stimulate the Economy?

Surveying theory, aggregate U.S. time-series evidence, and the newer cross-state/cross-locality literature on the government-spending multiplier, Ramey concludes that the multiplier for a temporary, …

Effective Lower Bound Fiscal Monetary Interactions Structural Var Free Read ↗

Published Classic Carnegie-Rochester Conference Series on Public Policy Published Jun 1998

Costly capital reallocation and the effects of government spending

Valerie A. Ramey · Matthew D. Shapiro

This paper argues that the composition of government spending across sectors, not just its aggregate size, matters for its macroeconomic effects, because reallocating capital across sectors is costly. …

Fiscal Multipliers Fiscal Policy Business Cycles Capital Misallocation Free Read ↗

Published Classic Journal of Political Economy Published Apr 2018

Government Spending Multipliers in Good Times and in Bad: Evidence from US Historical Data

Valerie A. Ramey · Sarah Zubairy

Using a newly constructed quarterly US data set spanning 1889–2015 — built specifically to include the large wars and deep recessions that the post-WWII sample most of the literature relies on simply …

Fiscal Policy Fiscal Multipliers Local Projections Narrative Identification Structural Var Effective Lower Bound Business Cycles Free Read ↗

Published Classic Journal of Monetary Economics Published Nov 2005

Is the technology-driven real business cycle hypothesis dead? Shocks and aggregate fluctuations revisited

Neville Francis · Valerie A. Ramey

This 2005 *Journal of Monetary Economics* paper (circulated as NBER Working Paper 8726, January 2002) subjects a startling empirical result -- that identified "technology shocks" appear to *reduce* …

Technology Shocks Real Business Cycle Theory Structural Var Business Cycles Free Read ↗

Published Classic Handbook of Macroeconomics Published Jan 2016

Macroeconomic shocks and their propagation

Valerie A. Ramey

This 2016 Handbook of Macroeconomics chapter by Valerie Ramey surveys how macroeconomists identify structural shocks to monetary policy, fiscal policy, and technology, and how those shocks propagate …

Monetary Policy Shocks Structural Var

Published Classic NBER Macroeconomics Annual Published Jan 2001

The Cost Channel of Monetary Transmission

Marvin J. Barth III · Valerie A. Ramey

This 2001 NBER Macroeconomics Annual paper by Marvin Barth and Valerie Ramey tests whether monetary policy operates through a supply-side "cost channel" -- in which a monetary contraction raises …

Monetary Policy Transmission Financial Frictions