Did the ‘stimulus’ work?

In the bud­get papers (Box 4 of Bud­get Paper No.2) , the Trea­sury says that there is robust sta­tis­ti­cal evi­dence from the IMF that the economies apply­ing the stim­u­lus expe­ri­enced an upside growth sur­prise of 3.3 per­cent for every addi­tion­al 1 per­cent of GDP devot­ed to fis­cal stim­u­lus.

But they made this up, as Sin­clair David­son shows, by selec­tive­ly chos­ing data from the IMF report that is its source.

Slop­pi­ness? Dis­hon­esty? Hard to say. Dis­grace­ful, in either case.

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