Demand shocks lower firm financing premiums by increasing the present value of cash-flow, thereby easing firm financing constraints. We study the effects of unanticipated federal spending shocks on firm investment in the United States using a novel panel dataset that combines federal procurement contracts with key financial firm-level information. Consistent with the financial accelerator model, our results suggest that 1 dollar of federal purchases increases capital investment of financially constrained firms by 10 to 13 cents over a horizon of 4 quarters, but has no effect on investment of unconstrained firms.

中文翻译：

---

政府需求可以刺激私人投资吗？来自美国联邦采购的证据

需求通过增加现金流量的现值冲击了较低的公司融资溢价，从而减轻了公司融资约束。我们使用新颖的面板数据集研究了意外的联邦支出冲击对美国公司投资的影响，该面板数据集将联邦采购合同与关键金融公司级信息结合在一起。与金融加速器模型一致，我们的结果表明，每购买1美元的联邦采购，在四个季度内将受财务约束的公司的资本投资增加10到13美分，但对不受约束的公司的投资没有影响。