Economic Crisis Fiscal Policy April 15, 2009. The 2000 th Project President Barack Obama is joined by Vice President Joe Biden and U.S. Secretary of Transportation.

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Economic Crisis Fiscal Policy April 15, 2009

The 2000 th Project President Barack Obama is joined by Vice President Joe Biden and U.S. Secretary of Transportation Ray LaHood, as he gives remarks on the economy Monday April 13, 2009, during a visit to the Department of Transportation in Washington, D.C. White House Photo/Pete Souza)

American Recovery Act

Figure GDP Gap (Percentage of potential gross domestic product) GDP Gap

Mankiw & Multipliers “The results in Valerie Ramey's research suggest a government spending multiplier of about 1.4.”Valerie Ramey's research

Weekly Jobless Claims UNEMPLOYMENT INSURANCE DATA FOR REGULAR STATE PROGRAMS Advance Prior1 WEEK ENDINGApril 11April 4ChangeMarch 28Year Initial Claims (SA)610,000663,000-53,000674,000369,000 Initial Claims (NSA)607,971626,863-18,892599,299370,949 4-Wk Moving Average (SA)651,000659,500-8,500658,000370,750 UNEMPLOYMENT INSURANCE DATA FOR REGULAR STATE PROGRAMS

Discussion Do you think the Recovery Plan is working? Why some economists believe fiscal policy actions should be timely, targeted and temporary? How is the effect of government spending multiplied in the economy?