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We estimate the e¤ects of ...scal policy on the labor market in US data. An increase in government spending of 1 percent of GDP generates output and unemployment multipliers respectively of about 1.2 per cent (at one year) and 0.6 percentage points (at the peak). Each percentage point increase in GDP produces an increase in employment of about 1.3 million jobs. Total hours, employment and the job ...nding probability all rise, whereas the separation rate falls. A standard neoclassical modeldoi:10.3386/w15931 fatcat:snhf2c5hh5as3bfpnw6dkepnbe