The Fiscal Stimulus Was Flawed But Valuable

AS a former member of President Obamaâ??s economic team, I have a soft spot for the fiscal stimulus legislation he signed just a month after his inauguration.

But Iâ??m also an empirical economist whoâ??s spent a career trying to estimate the effects of monetary and fiscal policy. So let me put on my empiricistâ??s hat and evaluate what we know about the legislationâ??s effects.

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