Abstract

grateful to my discussants, Martin Feldstein and Fumio Hayashi, other conference participants, and Darrel Cohen for comments on an earlier draft, to Kristy Piccinini for research assistance, On March 9, 2002, President Bush signed the Job Creation and Worker Assistance Act. The Act included a temporary increase in depreciation allowances for business spending on equipment and software, in the form of 30 percent partial expensing, and a temporary extension of unemployment benefits. At the time, the motivation of the Act was that it would provide

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