# Appendices

# Appendix 1. Data de...nitions and sources

All series are quarterly and seasonally adjusted. If they are not seasonally adjusted from the original source, we apply a seasonal adjustment following the U.S. Census Bureau’s X-13ARIMA-SEATSX13. All series are expressed in millions of national currency, in constant prices, de‡ated using the implicit GDP de‡ator derived from quarterly national accounts for each country.<sup>38</sup> GDP, private consumption, private investment (gross ...xed capital formation to be precise), and GDP de‡ator sources: Argentina (Dirección Nacional de Cuentas Nacionales, INDEC), Brazil (Instituto Brasileiro de Geogra...a e Estatística, IBGE), Chile (Banco Central de Chile), Colombia (Departamento Administrativo Nacional de Estadística, DANE), Mexico (Instituto Nacional de Estadística, Geografía e Informática, INEGI), Peru (Instituto Nacional de Estadística e Informática, INEI, Banco Central de Reserva del Perú, BCRP), United States (Economic Research Division, Federal Reserve Bank of St. Louis), and European countries (Eurostat [Last update: 16.09.19. Extracted on: 17.09.19]).

Social transfers sources: Argentina (Dirección Nacional de Política Fiscal y de Ingresos. Subsecretaría de Programación Macroeconómica. Secretaría de Política Económica, Ministerio de Hacienda), Brazil (STN, IBGE, IPEA e BCB), Chile (Dirección de Presupuestos (DIPRES) / Banco Central de Chile), Colombia (Ministerio de Hacienda y Crédito Público), Mexico (Dirección General de Estadística de la Hacienda Pública. Unidad de Planeación Económica de la Hacienda Pública.), Peru (Government Finance Statistics (GFS) - IMF), United States (Economic Research Division, Federal Reserve Bank of St. Louis), and European countries (Eurostat [Last update: 19.07.19. Extracted on: 17.09.19]).<sup>39</sup> Total government spending and revenues: Argentina (Ministerio de Economía en base a datos de la Secretaría de Hacienda), Brazil (STN, IBGE, IPEA e BCB), Chile (Dirección de Presupuestos (DIPRES) / Banco Central de Chile), Colombia (Dirección General de Política Macroeconómica, Ministerio de Hacienda y Crédito Público), Mexico (Dirección General de Estadística de la Hacienda Pública. Unidad de Planeación Económica de la Hacienda Pública.), Peru (Ministerio de Economía y Finanzas, Banco de la Nación), United States (Economic Research Division, Federal Reserve Bank of St. Louis), and European countries (Eurostat [Last update: 19.07.19. Extracted on: 17.09.19]).

Central bank interest rates: Global Financial Data and central banks’websites.

Sample period to the estimation of social transfer multipliers: Argentina (2004Q1-2019Q4), Austria (2001Q1-2019Q1), Belgium (1995Q1-2019Q1), Brazil (2010Q1-2019Q4), Chile (2005Q12019Q4), Colombia (2000Q1-2018Q4), Denmark (1999Q1-2019Q1), Finland (1999Q1-2019Q1), France (1980Q1-2019Q1), Germany (2002Q1-2019Q1), Greece (1999Q1-2019Q1), Ireland (2002Q1-2019Q1), Italy (1999Q1-2019Q1), Luxembourg (2015Q1-2019Q1), Mexico (2007Q1-2019Q1), Netherlands (1999Q1-2019Q1), Norway (2002Q1-2019Q1), Peru (1995Q1-2018Q4), Portugal (1999Q1-2019Q1), Spain (1995Q1-2019Q1), Sweden (1995Q1-2019Q1), United Kingdom (1987Q1-2019Q1), and United States (1960Q1-2019Q4).

> 38 IMF (2017). Quarterly National Accounts Manual. Statistics Department, International Monetary Fund, 2017 Edition, Washington, D.C.

> 39 Since the series on unemployment insurance spending are not available at quarterly frequency, we proceed to interpolate it based on annual frequency data for each country. As a robustness check for this approach, and assuming that short-term ‡uctuations in unemployment insurance spending are mainly driven by changes in the number of unemployed workers, we use such information on unemployment (which is available at quarterly frequency) to guide the weights used in the interpolation procedure. This alternative approach leaves our ...ndings virtually unchanged.