buy imports - uses that do not necessarily boost an economy. A University of Michigan study published in December 2008 also concluded that tax rebates provide little ‘bang for the buck’ as economic stimulus. 22 In terms of which measures are the most effective for stimulus, the US Economic Policy Institute (EPI) notes that evidence suggests that public investment and direct government spending are more effective than tax rebates for stimulating an economy. Investment in public works projects may take longer to implement, but is more likely to spur robust activity. On this basis, some economists have argued that fiscal stimulus aimed at stabilizing the economy over the short- to medium-term should focus on infrastructure spending, aid to municipal government and increases in unemployment insurance. 19 According to the OECD, the United States has launched the largest economic stimulus plan of any country, amounting to some US$ 787 billion in total. Figure 2 depicts the size of known fiscal plans and their composition for OECD countries in early summer 2009 (although many of these plans are still awaiting ratification and implementation). The OECD notes that non- OECD countries are also introducing significant economic stimulus plans e.g. China (US$ 585 billion or 19% of GDP), Brazil (US$ 152 billion or 15% of GDP), Russia (US$ 101 billion or 8% of GDP), Chile (US$ 4 billion or 2.8% of GDP), although definite figures are difficult to identify or verify for most of these cases. These plans may represent entirely new budget allocations or they may represent reallocation of expenditures that were already planned prior to the financial crisis. Initiatives that can be carried out rapidly (e.g. tax cuts) may be less effective at generating long-term jobs and economic growth.20 For example, EPI notes that tax cuts have generally not proved effective in generating jobs.21 Of the US$ 100 billion in personal tax rebates that the US established as part of its broader economic stimulus effort in 2008, EPI predicts that only about ut one-th third of this amount is likely ely to actually tually be spe spent. EPI forecasts that t less than half lf the perso personal tax cuts are likely to be spent in the first two years, with most of the money gained used to pay down debt, build savings or y hey rep f 19