Holt Dwyer - Latest

• Breaking Down the US Employment Multiplier Using Micro­-Level Data

  Staff Working Paper 2025-8 Edoardo Briganti, Holt Dwyer, Ricardo Duque Gabriel, Victor Sellemi

  We construct a new dataset of unanticipated contracts and examine their effects on employment growth. We find positive, significant and persistent effects on firms with fewer than 150 employees and estimate a cost-per­job that is an order of magnitude lower than previous estimates.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Fiscal policy JEL Code(s): E, E6, E62