{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,3,19]],"date-time":"2025-03-19T11:38:59Z","timestamp":1742384339537},"reference-count":49,"publisher":"Oxford University Press (OUP)","issue":"3","license":[{"start":{"date-parts":[[2021,9,3]],"date-time":"2021-09-03T00:00:00Z","timestamp":1630627200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/academic.oup.com\/journals\/pages\/open_access\/funder_policies\/chorus\/standard_publication_model"}],"funder":[{"name":"UK\u2019s Department for International Development"},{"name":"Yonsei University Future-leading Research Initiative of 2019"},{"name":"FCT","award":["UIDB\/05069\/2020"],"award-info":[{"award-number":["UIDB\/05069\/2020"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2022,6,16]]},"abstract":"<jats:title>Abstract<\/jats:title><jats:p>Empirical evidence to date suggests a positive relationship between fiscal policy countercyclicality and growth. But do all industries gain equally from countercyclical fiscal policy? What are the channels through which countercyclical fiscal policy affects industry-level growth? We answer these questions by applying a difference-in-difference approach to an unbalanced panel of 22 manufacturing industries for 55 countries\u2014including both advanced and developing economies\u2014during the period 1970\u20132014. Among the various industry characteristics guided by different theoretical channels, we find that the credit constraints channel identifies the best transmission mechanism through which countercyclical fiscal policy enhances growth. This channel becomes stronger during periods of weak economic activity when credit constraints are more likely to bind and periods of effective lower bound on the monetary policy rate.<\/jats:p>","DOI":"10.1093\/oep\/gpab033","type":"journal-article","created":{"date-parts":[[2021,6,25]],"date-time":"2021-06-25T11:09:08Z","timestamp":1624619348000},"page":"773-804","source":"Crossref","is-referenced-by-count":2,"title":["Heterogeneous gains from countercyclical fiscal policy: new evidence from international industry-level data"],"prefix":"10.1093","volume":"74","author":[{"given":"Sangyup","family":"Choi","sequence":"first","affiliation":[{"name":"School of Economics, Yonsei University , 50 Yonsei-ro, Seodaemun-gu, Seoul 03722, South Korea"}]},{"given":"Davide","family":"Furceri","sequence":"additional","affiliation":[{"name":"Research Department, International Monetary Fund , 700 19th Street NW, Washington DC 20431, USA"},{"name":"University of Palermo, Viale delle Scienze, Ed. 13 90128 Palermo, Italy"}]},{"given":"Jo\u00e3o Tovar","family":"Jalles","sequence":"additional","affiliation":[{"name":"Instituto Superior de Economia e Gest\u00e3o (ISEG), Universidade de Lisboa , Rua do Quelhas 6, Lisboa 1200-781, Portugal"},{"name":"Research in Economics and Mathematics (REM) and Research Unit on Complexity and Economics (UECE), ISEG, Universidade de Lisboa , Rua Miguel Lupi 20, Lisbon 1249-078, Portugal"},{"name":"Economics for Policy, Nova School of Business and Economics, Universidade Nova de Lisboa , Rua da Holanda 1, Carcavelos 2775-405, Portugal"},{"name":"IPAG Business School , 184 Boulevard Saint-Germain, Paris 75006, France"}]}],"member":"286","published-online":{"date-parts":[[2021,9,3]]},"reference":[{"key":"2022061607550389700_gpab033-B1","doi-asserted-by":"crossref","first-page":"581","DOI":"10.2307\/2297794","article-title":"Optimal investment with costly reversibility","volume":"63","author":"Abel","year":"1996","journal-title":"The Review of Economic Studies"},{"key":"2022061607550389700_gpab033-B2","doi-asserted-by":"crossref","first-page":"709","DOI":"10.1086\/262091","article-title":"Was Prometheus unbound by chance? 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