Fiscal policy

• Immigration and Provision of Public Goods: Evidence at the Local Level in the U.S.

  Staff Working Paper 2023-57 Anna Maria Mayda, Mine Z. Senses, Walter Steingress

  Using U.S. county-level data from 1990 to 2010, we study the causal impact of immigration on the provision of local public goods. We uncover substantial heterogeneity across immigrants with different skills and immigrants of different generations, which leads to unequal fiscal effects across U.S. counties.

  Content Type(s): Staff research, Staff working papers Topic(s): Fiscal policy, International topics, Regional economic developments JEL Code(s): F, F2, F22, H, H4, H41, H7, J, J6, J61, J68, R, R5

• International Portfolio Rebalancing and Fiscal Policy Spillovers

  Staff Working Paper 2023-56 Sami Alpanda, Uluc Aysun, Serdar Kabaca

  We evaluate, both empirically and theoretically, the spillover effects that debt-financed fiscal policy interventions of the United States have on other economies. We consider a two-country model with international portfolio rebalancing effects. We show that US fiscal expansions would increase global long-term rates and hinder economic activity in the rest of the world.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Fiscal policy, International topics JEL Code(s): E, E3, E32, E6, E62, F, F4, F41, F44