CBO on stimulus multipliers

Earlier today I wrote a post about the long-run macroeconomic implications of the stimulus, and now the CBO has gone and issued a new macroeconomic analysis (pdf). Fortunately, the results -- a nice bump up in GDP in the short run followed by a small bump down in the long run -- remain the same. (Barring any newly discovered failures in logic, I hope my point does, too.)

But the new CBO analysis has something the old one didn't: a ranking of the multipliers on each kind of government spending in the stimulus bill. Government expenditures and transfers to the states and do the best, with multipliers between 2.5 and 1. The AMT patch and tax relief for businesses do the worst, with multipliers between .5 and 0. Good 'ol AMT patch. Charts after the jump.