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Author:McCrory, Peter B. 

Journal Article
A report on economic conditions in the Memphis zone

Burgundy Books , Issue 2Q

Working Paper
The Local-Spillover Decomposition of an Aggregate Causal Effect

This paper presents a method to decompose the causal effect of government defense spending into: (i) a local (or direct) effect, and (ii) a spillover (or indirect) effect. Each effect is measured as a multiplier: the unit change in output of a one unit change in government spending. We apply this method to study the effect of U.S. defense spending on output using regional panel data. We estimate a positive local multiplier and a negative spillover multiplier. By construction, the sum of the local and spillover multipliers provides an estimate of the aggregate multiplier. The ...
Working Papers , Paper 2021-006

Journal Article
A report on economic conditions in the Little Rock zone

Burgundy Books , Issue 1Q

Journal Article
A report on economic conditions in the Louisville zone

Burgundy Books , Issue 4Q

Journal Article
A report on economic conditions in the Louisville zone

Burgundy Books , Issue 1Q

Working Paper
A Local-Spillover Decomposition of the Causal Effect of U.S. Defense Spending Shocks

This paper decomposes the causal effect of government defense spending into: (i) a local (or direct) effect, and (ii) a spillover (or indirect) effect. Using state-level defense spending data, we show that a negative cross-state spillover effect explains the existing simultaneous findings of a low aggregate multiplier and a high local multiplier. We show that enlisting disaggregate data improves the precision of aggregate effect estimates, relative to using aggregate time series alone. Moreover, we compare two-step efficient GMM with two alternative moment weighting approaches used in ...
Working Papers , Paper 2020-014

Journal Article
A report on economic conditions in the Little Rock zone

Burgundy Books , Issue 4Q

Journal Article
A report on economic conditions in the St. Louis zone

Burgundy Books , Issue 3Q

Journal Article
Long-resilient Little Rock faces uncertain pace of recovery

The Regional Economist

Journal Article
A report on economic conditions in the Memphis zone

Burgundy Books , Issue 3Q

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