In this article, we review the theoretical consequences of government purchases shocks for
both closed and open economies, followed by a discussion of the empirical literature. Next …

This paper estimates the dynamic effects of changes in taxes in the United States. We
distinguish between changes in personal and corporate income taxes and develop a new …

Economic nationalism is on the rise, but at what cost? We study this question using the
unexpected outcome of the Brexit referendum vote as a natural macroeconomic experiment …

A key issue in current research and policy is the size of fiscal multipliers when the economy
is in recession. We provide three insights. First, using regime-switching models, we find …

This article reviews the literature on the econometric relationship between DSGE and VAR
models from the point of view of estimation and model validation. The mapping between …

We attempt to replicate 67 papers published in 13 well-regarded economics journals using
author-provided replication files that include both data and code. Some journals in our …

Policymakers and researchers have long been interested in how potential changes to the
personal income tax system affect the size of the overall economy. In 2014, for example …

There is a widespread belief that changes in expectations may be an important independent
driver of economic fluctuations. The news view of business cycles offers a formalization of …

News—or foresight—about future economic fundamentals can create rational expectations
equilibria with non‐fundamental representations that pose substantial challenges to …

The output effects of 2009 fiscal expansions have been hotly debated. But the discussion of
fiscal multipliers is even more relevant now that several European countries have had to …