The Employment Effects of Countercyclical Public Investmentst

• 成果类型: Article
• 署名作者: Buchheim, Lukas; Watzinger, Martin
• 署名单位: Dortmund University of Technology; University of Munster
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20180323
• 发表日期: 2023
• 页码: 154-173
• 关键词: american recovery; fiscal stimulus

摘要

This paper estimates the causal impact of a sizable German pub-lic investment program on employment at the county level. The pro-gram focused on improving the energy efficiency of school buildings , making it possible to use the number of schools as an instrument for investments. It also enforced tight deadlines , reducing poten-tial implementation lags. The program was cost-effective , creating , on average , one job for one year for an investment of euro24,000. The employment gains are detectable after nine months and are accom-panied by an unemployment reduction amounting to half of the job creation. Employment grew predominately in the directly affected industries. (JEL E24, E32, E62, H54, J23, R23)