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<title>Federal Reserve System publications</title>
<link>http://www.fedinprint.org/</link>
<description>Economic research and commentary from the Federal Reserve System</description>
<dc:language>en-us</dc:language>
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<dc:subject>Fed in Print</dc:subject>
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<title>The Branch Puzzle : Why Are there Still Bank Branches?</title>
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<description>We provide evidence that the persistence of the large number of local bank branches across the country may be due to the fact that both depositors and small businesses continue to value local bank branches.</description>
<dc:creator>Elliot Anenberg &#x26; Andrew C. Chang &#x26; Serafin J. Grundl &#x26; Kevin B. Moore &#x26; Richard Windle </dc:creator>
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<title>The Heterogeneous Effects of Government Spending : It&#x2019;s All About Taxes</title>
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<description>This paper investigates how government spending multipliers depend on the distribution of taxes across households. We exploit historical variations in the financing of spending in the U.S. since 1913 to show that multipliers are positive only when financed with more progressive taxes, and zero otherwise. We rationalize this finding within a heterogeneous-household model with indivisible labor supply. The model results in a lower labor responsiveness to tax changes for higher-income earners. In turn, spending financed with more progressive taxes induces a smaller crowding-out, and thus larger multipliers. Finally, we provide evidence in support of the model&#x2019;s cross-sectional implications.</description>
<dc:creator>Axelle Ferri&#xE8;re &#x26; Gaston Navarro </dc:creator>
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