Guren, Adam M.; McKay, Alisdair; Nakamura, Emi; … - 2021
general equilibrium effects of the shocks. We propose an approach for recovering estimates of partial equilibrium effects from … local fiscal multiplier, which measures the strength of local general equilibrium amplification. We apply this approach to … exact. We then evaluate its accuracy in a richer general equilibrium model of consumption and housing. The paper also …