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 …

We study how unexpected changes in uncertainty about fiscal policy affect economic activity.
First, we estimate tax and spending processes for the United States with time-varying …

The argument that uncertainty about monetary and fiscal policy has been holding back the
recovery in the US during the Great Recession has a large popular appeal. This paper uses …

We quantify government spending multipliers in US data using Bayesian prior and posterior
analysis of a monetary model with fiscal details and two distinct monetary-fiscal policy …

This Paper studies the effects of fiscal policy on GDP, inflation and interest rates in five
OECD countries, using a structural Vector Autoregression approach. Its main results can be …

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

Most countries have automatic rules in their tax‐and‐transfer systems that are partly
intended to stabilize economic fluctuations. This paper measures their effect on the …

Effects of government investment are studied in an estimated neoclassical growth model.
The analysis focuses on two dimensions that are critical for understanding government …

General equilibrium models that include policy rules for government spending, lump-sum
transfers, and distortionary taxation on labor and capital income and on consumption …

This paper investigates the response of hours worked and real wages to fiscal policy shocks
in the post-World-War II US. We identify these shocks with exogenous changes in military …