Cross-Region Transfer Multipliers in a Monetary Union: Evidence from Social Security and Stimulus Payments

Steven Pennings (2021) · American Economic Review

Published

October 10, 2026

import sys
from pathlib import Path

ROOT = next(
    p for p in [Path.cwd(), *Path.cwd().parents]
    if (p / "scripts/tranche50_report.py").exists()
)
sys.path.insert(0, str(ROOT / "scripts"))
from tranche50_report import report
report("aeraej-72", tranche="tranche150")

Steven Pennings (2021). American Economic Review. Table 1.

Template assessment

The source doneoff2000REW measures temporary transfer payments scaled by labor income, with repeated stimulus episodes. The coefficient is a continuous transfer multiplier, not a binary-policy ATT.

No comparison point or homogeneity-test decision is assigned to this paper.