https://learn-us-east-1-prod-fleet01-xythos.learn.cloudflare.blackboardcdn.com/blackboard.learn.xythos.prod/571910f3bd595/30364?X-Blackboard-Expiration=1624946400000&X-Blackboard-Signature=hIwvatN2Ab%2BDQmavXCp6CgDbZjm20fOgYwklP7e%2BgAk%3D&X-Blackboard-Client-Id=100852&response-cache-control=private%2C%20max-age%3D21600&response-content-disposition=inline%3B%20filename%2A%3DUTF-8%27%27Hall%2520fiscal%2520stimulus.pdf&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Date=20210629T000000Z&X-Amz-SignedHeaders=host&X-Amz-Expires=21600&X-Amz-Credential=AKIAYDKQORRYTKBSBE4S%2F20210629%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Signature=7cefa30556bd3de703e185f9892410bec204298205c9759e2460e48b268b33f7

O True O False QUESTION 4 How does Hall (2010) construct his measure of 'extra' federal and state-local purchases after 2007? Hall analyzes Congressional records to find purchases which are not driven by the business cycle. O Hall extrapolates the trend of purchases from 1999-2007 and compares this trend to actual purchases after 2007. O Hall analyzes different state responses of spending during the Great Recession in a cross-sectional study to find states with particular big swings in spending. He then compares this to changes at the federal level. O Hall starts to calculate changes only coming from the stimulus bill in early 2009. QUESTION 5