Do Inaugurations boost the D.C. Economy?

According to a recent working paper, there is no noticeable impact of presidential inaugurations on the DC economy.

Why? Explanations include the substitution effect: people spending in the DC economy are just shifting their consumption from someplace else.  And “crowding out”: lots of visitors to a city mean other events and activities don’t take place (e.g., others decide to avoid the city due to crowding and traffic congestion).

The authors cite other mega-events – political conventions, the Olympics  – as also generating less economic impact than anticipated. This makes me wonder if the competition to host mega-events is a cousin of the edifice complex.  Host it, and they will stay.