http://news.uchicago.edu/files/newsrelease_20090227.pdf
I read this, basically, as making 2 points:
1) multipliers are very difficult to estimate, but are probably higher than expected.
2) We want a wide variety of different types and timings of spending; the most important part is that all spending has a large social benefit
She's the expert on stimulus multipliers, so I have no reason to doubt her first explanation.
I agree with her second point, but I don't think it applies to the criticisms (or at least my criticisms) of the stimulus bill. Firstly, that stimulus bill was not all of high social benefit. Secondly, even ignoring the blatant congressionally-added pork, her assertion that all of the spending stimulates ignores the opportunity cost of ignoring other programs of more social benefit or of more stimulatory capability.
Romer quite clearly knows what she's doing, and what Congress does with the stimulus is entirely out of her hands. She deserves the chance to defend the stimulus that will be incorrectly attributed to her, Summers and Obama. I just feel sorry for her for having to defend THIS stimulus.
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